#Canada #London #VersaBank #Stablecorp #QCAD

VersaBank Embraces the Future with QCAD Deposits

In a significant stride towards advancing digital banking solutions, VersaBank (TSX: VBNK) (NASDAQ: VBNK), a leading North American digital banking institution, has commenced accepting QCAD deposits. This initiative is part of a previously established custody services agreement with Stablecorp, a foremost Canadian digital asset infrastructure entity. The QCAD digital asset stands out as Canada's first regulatory-compliant Canadian-dollar stablecoin, marking a historic achievement in the nation’s cryptocurrency ecosystem.

The announcement also included a commendation for Stablecorp on the recent listing of QCAD on Kraken, a well-respected crypto asset trading platform known globally. This partnership not only facilitates seamless transactions for QCAD but also enhances the accessibility of Canadian Dollar-denominated assets in the fast-evolving digital space. Investors can now leverage the security and transparency associated with Kraken as a trusted trading venue, broadening their investment horizons in the crypto market.

According to David Taylor, the Founder and President of VersaBank, the initiation of QCAD deposits signifies not only the readiness of their proprietary VersaVault® technology but also illustrates a critical milestone in the bank's digital asset strategy. He expressed pride in being the officer for QCAD custody and highlighted the anticipated growth and adoption of QCAD in the coming years.

Benefits of QCAD on Kraken

The introduction of QCAD on Kraken proffers numerous advantages for both institutional clients and individual Canadians:

1. Seamless Global Access: Canadians are now empowered to hold and transfer Canadian Dollar-equivalent value on-chain. This innovation simplifies access to global cryptocurrency markets, eliminating the restrictions imposed by traditional payment methods.
2. Enhanced Trading Experience: The availability of Canadian Dollar-denominated trading pairs translates to increased liquidity, enabling tighter spreads and improved price discovery for leading cryptocurrencies like BTC and ETH.
3. Around-the-Clock Trading: In contrast to standard foreign exchange markets, which operate within fixed hours, crypto markets remain open 24/7. This allows users to manage their exposure to market fluctuations in real-time without constraints.

Taylor also disclosed the forecasted growth of the stablecoin market, predicting a monumental rise to approximately US$4 trillion within the next four years. As a federally regulated bank in both Canada and the U.S., VersaBank is ideally positioned to offer robust custody services for digital assets while maintaining the trust and security associated with traditional banking.

About VersaBank

VersaBank distinguishes itself with a digital-only banking model, utilizing its advanced technology to cater to underserved segments within the banking landscape. By digitizing its deposit acquisition and funding operations through intermediary partners, the bank has established a highly efficient operational framework while achieving notable profitability. In addition to its banking services, VersaBank owns DRT Cyber Inc., a prominent provider of cybersecurity solutions tailored for financial institutions.

The strategic move towards integrating digital assets is further underscored by the bank's innovative Structured Receivable Program, previously successful in Canada, which is now aimed at addressing the vast U.S. market. As digital asset integration in banking continues to expand, VersaBank is set to pioneer the next evolution of financial services.

For additional insight into VersaBank and its services, you can visit their official website at www.versabank.com. Be sure to follow them on their social media platforms for the latest updates and innovations in digital banking.