VersaBank is a North American provider of B2B digital banking and technology solutions for cybersecurity. It has announced plans to launch a strong encryption-based digital currency (cryptocurrency) represented one-to-one by a Canadian dollar bank deposit with the Bank – so-called VCAD. VersaBank expects VCAD to:
- be the first digital currency to represent a fiat currency
- be a world digital currency issued by and backed by deposits with a North American bank
- use smart contracts, as a highly encrypted iteration of the Bank’s existing digital deposit contracts.