![]() Taylor added, “VersaBank was the very first digital bank nearly 30 years ago and has continuously been a pioneer in digital banking in the decades since. “Consumers and businesses purchasing products and services with VCAD will finally know the precise value of their digital currency when executing these transactions.” “As North America’s first bank-issued “stablecoin”, VCAD offers consumers and businesses the ability to adopt and leverage the benefits of digital currency and blockchain-based assets without the volatility of traditional currencies, alongside the security of a value-backed asset that the cryptocurrency world has long demanded,” said David Taylor, President of both VersaBank and its cyber security subsidiary, DRT Cyber. VCAD creates a significant new low-cost deposit source for VersaBank as it experiences record loan growth. VersaBank’s partners will then offer VCAD directly to individuals and businesses, who can use them for commerce and redeem them for Canadian dollars at any time. The Bank is targeting public availability of VCAD in the coming months.Ĭonsistent with VersaBank’s highly efficient, business-to-business model, VCAD will be issued by VersaBank to financial intermediary partners in exchange for Canadian dollar deposits with the Bank utilizing “smart contracts”, a more highly encrypted iteration of the Bank’s existing digital deposit contracts. QCAD CRYPTO SOFTWAREVCAD is based on VersaBank’s proprietary banking software and the digital currency issuance processes for VCAD will be securely managed via VersaVault®, VersaBank subsidiary, DRT Cyber Inc.’s (“DRT Cyber”), world leading digital bank vault designed to secure digital assets. VersaBank has entered into a strategic partnership with Stablecorp, a joint venture between Canada’s leading crypto asset manager, 3iQ, and Mavennet, a Canadian leader in blockchain development, to commercially launch VCAD. As such, VCAD will offer the highest level of stability and security amongst all digital currencies in the market today. VCAD is expected to be the first digital currency to represent a fiat currency, as well as the first in the world digital currency issued by and backed by deposits with a North American bank. QCAD CRYPTO FOR MAC OS XVERSION PRICE 1.QCad Professional for Windows EUR 24 2.QCad Professional for Linux EUR 24 3.QCad Professional for Mac OS X EUR 24 4.QCad Professional for Solaris EUR 24 5.QCad Professional for FreeBSD EUR 24 6.LONDON, ONTARIO/CNW – VersaBank (TSX:VB) (“VersaBank” or the “Bank”), a North American leader in business-to-business digital banking and technology solutions for cybersecurity, today announced it plans to launch a strong encryption based digital currency (cryptocurrency) represented one-to-one by a Canadian dollar bank deposit with the Bank, to be known as VCAD.
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