VersaBank set to launch the first bank-issued deposit-based crypto

VersaBank, a leading North American bank in terms of business-to-business (B2B) digital banking and technology solutions for cybersecurity, seeks to launch a deposit-based digital currency. A press release revealed this news on February 24. Dubbed VCAD, the cryptocurrency will reportedly have strong encryption and will be pegged to Canadian dollar deposits with the bank in a one-to-one ratio.

According to the news release, VersaBank teamed up with Stablecorp, a joint venture between 3iQ, Canada’s leading digital asset manager, and Mavennet, a renowned Canadian blockchain developer, to launch VCAD. The coin would be based on the bank’s banking software. VersaBank’s subsidiary, DRT Cyber Inc., will reportedly manage VCAD’s issuance through VersaVault, a leading digital bank vault for cryptocurrencies.