LONDON, Ontario--(BUSINESS WIRE)--Further to VersaBank’s (TSX: VB, VB.PR.A, VB.PR.B) (“VersaBank”) news release of January 23, 2018 announcing it is developing a blockchain based vault initiative to securely store digital property, it is pleased to announce that its subsidiary, VersaVault Inc. (“VersaVault”), has signed two memorandums of understanding (MOUs). The two MOUs have been signed with a cryptocurrency exchange and a cryptocurrency based fund in order to facilitate discussions regarding VersaVault providing custodial services and piloting its blockchain based digital safety deposit box.
David Taylor, VersaBank’s President & CEO, stated: “This is an important step in our development of the VersaVault. There are two primary institutional holders of cryptocurrency assets, the exchanges and the funds. In connection with developing a product that meets with the seamless services that both exchanges and funds require, we have signed MOUs with one of each, which will provide us with the necessary feedback regarding what institutional digital asset holders require from our services, so that when we launch globally to the other exchanges, funds and numerous other digital asset holders, we will have a product that meets their specific needs, and one which provides for ease of use.”
VersaBank is a leader in the profitable application of innovative digital technologies to financial services and has already revolutionized digital lending and deposit taking. In launching the VersaVault, VersaBank is now building this new blockchain based product that the world clearly needs. Bitcoin and other cryptocurrencies 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 the aim of VersaVault to provide the safest place to secure your digital valuables, with the privacy 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.
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.