VersaBank is getting in on the digital forex sport. The Canada-based financial institution introduced plans to launch VCAD, its personal cryptocurrency backed one-to-one by the financial institution’s Canadian greenback financial institution deposits.
Key to the launch is a partnership with Stablecorp, a three way partnership between crypto asset supervisor 3iQ and blockchain growth firm Mavennet. Stablecorp will help within the industrial launch of VCAD.
VersaBank plans to handle the digital issuance course of utilizing VersaVault. The issuance device is a digital financial institution vault designed by Versabank subsidiary DRT Cyber to safe digital belongings.
“VCAD gives customers with not solely the safety afforded by an underlying deposit with a Canadian chartered financial institution but additionally the consolation of figuring out that every VCAD issued or redeemed will at all times have one-to-one worth with the Canadian greenback,” mentioned Stablecorp CEO Jean Desgagne. “With such clear advantages, we’re extremely assured within the demand for VCAD as digital currencies more and more change into a part of mainstream monetary transactions.”
In accordance with CoinTelegraph, VCAD isn’t the one stablecoin pegged to the Canadian greenback. Different Canadian greenback stablecoins accessible embrace Coinsquare’s eCAD and TrustToken’s TrueCAD token.
VersaBank goals to make VCAD publicly accessible “within the coming months.” Sooner or later, VersaBank and Stablecorp plan to launch VUS and VEuro, which will probably be U.S. greenback and Euro variations, respectively, of the VersaBank digital forex.