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Algorand
$1.28 -1.06%
ALGO · 7w

Versabank Expands Successful Closed Ecosystem Testing for Revolutionary Digital Deposit Receipts: Adds US Dollar Receipts, Algorand and Ethereum Blockchains, and Receipt Distributor to Testing

LONDON, ON, Nov. 29, 2021 /PRNewswire/ - VersaBank ("VersaBank" or the "Bank") (TSX: VB) (NASDAQ: VBNK), a leader in digital banking and cyber security solutions, today announced meaningful expansion to the scope and functionality of the closed ecosystem testing of its revolutionary Digital Deposit Receipts ("DDRs"). As an investment-grade issuer-backed digital asset, represented by actual US or Canadian-dollar deposits with VersaBank, the Bank's DDRs are expected to be a superior, regulatory compliant alternative to current "stablecoins" for mainstream financial applications.

VersaBank Logo (CNW Group/VersaBank)

The expanded closed ecosystem testing, undertaken with VersaBank's blockchain technology partner Stablecorp, adds US dollar-denominated DDRs ("VUSD") (in addition to Canadian dollar-denominated DDRs ("VCAD") as previously announced), the Algorand and Ethereum blockchains (in addition to the Stellar Blockchain as previously announced), as well as testing with a Receipt Distributor, who will become one of the primary distributors of the Bank's DDRs at commercial launch.

"We are very pleased with the progress and outcomes to date of our Digital Deposit Receipt closed ecosystem testing, which is demonstrating that the DDR model is functioning as designed and managing digital assets in a secure, trusted and attestable manner," said David Taylor, President and Chief Executive Officer, VersaBank. "VersaBank's DDRs are a natural extension of our existing digital deposit services that, when placed on a public blockchain and supported by the security of the Bank's own VersaVault digital asset security technology, become a completely unique, game changing, financial innovation."

Mr. Taylor added, "Over the last several months, we have seen increasing calls in North America and globally from both the private and public sectors for oversight and regulation of private company-issued stablecoins. As a Schedule I (Federal) Bank with an investment gr...

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