VersaBank Online Banking, specializing in B2B digital banking and cyber security solutions, announced via a press release today its intention to launch a stablecoin, VCAD, a Canadian dollar-based cryptographic system.
VCAD would thus become « the first digital currency to represent a fiduciary currency » issued and guaranteed by deposits with a North American bank.
According to the document issued by VersaBank, we learn that to launch VCAD, the institution has entered into a strategic partnership with Stablecorp, a joint venture between 3iQ, Canada’s leading crypto asset manager, and Mavennet, a Canadian leader in blockchain development. « VCAD is based on VersaBank’s proprietary banking software and VCAD’s digital currency issuance processes will be securely managed through VersaVault®, a subsidiary of VersaBank, the digital vault of DRT Cyber Inc. (« DRT Cyber »), the world leader in digital asset security ».
According to the press release, the bank is seeking to make its digital Canadian dollar available to the public in the coming months.
« As the first stablecoin issued by a bank in North America, VCAD offers consumers and businesses the opportunity to adopt and enjoy the benefits of digital currency and block-based assets without the volatility of traditional currencies, as well as the security of a value-backed asset that the world of cryptography has long demanded. Consumers and businesses that purchase products and services with DRT Cyber will finally know the precise value of their digital currency when executing these transactions, » said David Taylor, President of VersaBank and its cyber security subsidiary, DRT Cyber.
According to a Cointelegraph article, « 3iQ and Mavennet have already launched a regulated stable corner backed by the Canadian dollar. Earlier this month, the companies introduced an ERC-20 token called QCAD. There are more than 170,000 of these tokens in circulation at a price of $0.7854 according to Etherscan, or approximately $133,000 ».
According to the media, « QCAD is not the only stablecoin on the Canadian market. Coinsquare currently supports eCAD and TrustToken, its TrueCAD token ».
In addition to VCAD, as part of their partnership, VersaBank and Stablecorp plan to work together on the development and launch of « SUV » and « VEuro », versions of VersaBank’s digital currency based on US dollar and Euro deposits.
To buy cryptomoney; SEPA Europe Zone and French citizens:
To buy cryptoskills in Canada:
To earn interest on your Bitcoins, go to BlockFi’s website.
To open a Bitcoin savings plan, go to the regulated platform StackinSat
To secure or store your cryptomoney:
To invest in mining or masternodes:
To trade your cryptos anonymously:
To accumulate cryptos through gambling:
If you want to learn more about Bitcoin and investing in cryptos, here are two perfect books: « Understanding Bitcoin in 2 hours » and « Investing in Bitcoin ».
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