LONDON, Ontario--(BUSINESS WIRE)--VersaBank (TSX: VB, VB.PR.A, VB.PR.B) (“VersaBank”) announced today that it is developing a Blockchain based vault initiative to securely store digital property and has hired Gurpreet Sahota as Chief Architect of Cyber Security. Gurpreet has extensive experience in cyber security and is a global leader in this field. He was most recently employed by Blackberry as Principal Architect of Cyber Security. In addition to being a cyber security advisor to VersaBank, Gurpreet will head up a team made up of software engineers, experienced in both the development and integrity of cyber security solutions, to design a novel Blockchain based digital safety deposit box, known as the VersaVault, so that VersaBank’s customers can easily, safely and privately store their digital valuables, including crypto currencies, with the security and trust that comes with a Canadian chartered bank. It is anticipated that the VersaVault will be available to customers globally. Its website is at: http://www.versavault.com
David Taylor, VersaBank’s President & CEO, stated: “This is very exciting news! VersaBank is a leader in the profitable application of innovative digital technologies to financial services and has already revolutionized digital lending and deposit taking. It is now time to turn our attention to building this new Blockchain based product that the world clearly needs. Bitcoin and other crypto currencies are quickly gaining popularity and holders have already experienced their valuable holdings vanish from the less secure ‘digital storage’ options. Banks have always been known as the safest place to store physical valuables and it is our aim to make VersaVault the safest place to secure your digital valuables, with absolute privacy.”
VersaBank, a technology based and digital Canadian Schedule I chartered bank, operates using an “electronic branchless model”. It sources its funding, along with consumer and commercial loan and lease receivables, electronically. VersaBank also makes residential development and commercial mortgages it obtains through a well-established network of brokers and through direct contact with its lending staff. VersaBank’s Common Shares trade on the Toronto Stock Exchange under the symbol VB and its Series 1 Preferred Shares and Series 3 Preferred Shares trade under the symbols VB.PR.A and VB.PR.B, respectively.
Visit VersaBank’s website at: http://www.versabank.com
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. This information is based on certain assumptions regarding software development, expected growth, results of operations, performance, and business prospects and opportunities (collectively, the “Assumptions”). While VersaBank considers these Assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Forward-looking information is subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what VersaBank currently expects. These risks, uncertainties and other factors include, but are not limited to: the timing and market acceptance of future products, competition in VersaBank’s markets, the development of appropriate software in respect of VersaVault (including without limitation the timing thereof), VersaBank’s reliance on customers, fluctuations in currency and exchange rates, commodity prices or interest rates, VersaBank’s ability to maintain good relations with its employees, changes in the law or regulations and VersaBank’s ability to protect its intellectual property (collectively, the “Risks”). For more exhaustive information on these Risks you should refer to VersaBank’s filings with the securities regulatory authorities, including VersaBank’s most recently filed annual information form, which is available on SEDAR at www.sedar.com. Other than as required under securities laws, we do not undertake to update any forward-looking information at any particular time. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.