VersaBank will collaborate with Stablecorp for realizing the development of digital currency offering and creating a significant new low cost deposit source for the company
North America’s leading B2B digital banking and technology solutions of cybersecurity- VersaBank has reportedly announced its plans of introducing a robust encryption based cryptocurrency- VCAD. The new cryptocurrency is anticipated to be the world’s first digital currency to represent a fiat currency issued and funded by deposits with VersaBank.
Through this launch, VCAD is expected to offer the highest level of security and stability amongst all digital currencies available in the market.
According to credible reports, the North American bank has allegedly entered into a strategic partnership with Stablecorp- a JV between 3iQ and Mavennet-to commercially launch VCAD. It would be essential to note that VCAD is based on VersaBank’s patent banking software.
Moreover, the digital currency issuance procedures for VCAD would be strongly managed via the bank’s subsidiary- VersaVault and DRT Cyber. Speculations have it that VersaBank is targeting public availability of the cryptocurrency in the upcoming months.
It has been claimed that VCAD would potentially be issued by VersaBank to its financial intermediate partners in exchange for CAD dollar deposits with the Bank making use of ‘smart contracts’. After this, partners will then provide VCAD directly to businesses and individuals, who can leverage this cryptocurrency for commerce and redeem them for Canadian dollars whenever needed. VCAD creates a significant new-cost deposit source for the North American bank as it experiences record loan growth.
Commenting on the novel initiative, David Taylor- President of VersaBank and DRT Cyber, cited that the launch of VCAD stands to be natural extension of the firm’s digital banking operations as it once again seeks to make use of the in-house technology to lead the global banking industry.
He added that consumers and businesses that have been looking to purchase services and products with VCAD would finally know the exact value of their digital asset and currency when undertaking such transactions.
David also mentioned that VCAD provides consumers an ability to adopt and make use of the merits of digital currency and blockchain-based assets without the instability of conventional currencies.