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VersaBank (VB.TO)

Toronto - Toronto Real Time Price. Currency in CAD
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16.12-0.13 (-0.80%)
At close: 04:00PM EST
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  • Y
    Yuri
    Can someone explain this NR because what i got from it is a partnership between the two companies.
  • E
    Elliot
    Long term holder and have been selling in last 12 months from $13-$16

    Will lighten up more today (let some go already over $14) as I don't understand this price action. They had plenty of cash before this raise and for the stock to pop over $1 above the raise makes no sense to me.
  • Y
    Yuri
    Versa bank is grossly undervalue. It’s all good - this should give me time to accumulate more shares
  • N
    Naveed
    US IPO! i have been waiting for this.
  • U
    Ursa
    VersaBank Partners with Stablecorp to Complete Development of Digital Currency Offering – Will Create Significant New Low Cost Deposit Source for VersaBank as it Experiences Record Loan Growth –

    LONDON, ON, Feb. 24, 2021 /CNW/ - VersaBank (TSX:VB) ("VersaBank" or the "Bank"), a North American leader in business-to-business digital banking and technology solutions for cybersecurity, today announced it plans to launch a strong encryption based digital currency (cryptocurrency) represented one-to-one by a Canadian dollar bank deposit with the Bank, to be known as VCAD. VCAD is expected to be the first digital currency to represent a fiat currency, as well as the first in the world digital currency issued by and backed by deposits with a North American bank. As such, VCAD will offer the highest level of stability and security amongst all digital currencies in the market today.

    VersaBank Logo (CNW Group/VersaBank)

    VersaBank has entered into a strategic partnership with Stablecorp, a joint venture between Canada's leading crypto asset manager, 3iQ, and Mavennet, a Canadian leader in blockchain development, to commercially launch VCAD. VCAD is based on VersaBank's proprietary banking software and the digital currency issuance processes for VCAD will be securely managed via VersaVault®, VersaBank subsidiary, DRT Cyber Inc.'s ("DRT Cyber"), world leading digital bank vault designed to secure digital assets. The Bank is targeting public availability of VCAD in the coming months.

    Consistent with VersaBank's highly efficient, business-to-business model, VCAD will be issued by VersaBank to financial intermediary partners in exchange for Canadian dollar deposits with the Bank utilizing "smart contracts", a more highly encrypted iteration of the Bank's existing digital deposit contracts. VersaBank's partners will then offer VCAD directly to individuals and businesses, who can use them for commerce and redeem them for Canadian dollars at any time. VCAD creates a significant new low-cost deposit source for VersaBank as it experiences record loan growth.

    "As North America's first bank-issued "stablecoin", VCAD offers consumers and businesses the ability to adopt and leverage the benefits of digital currency and blockchain-based assets without the volatility of traditional currencies, alongside the security of a value-backed asset that the cryptocurrency world has long demanded," said David Taylor, President of both VersaBank and its cyber security subsidiary, DRT Cyber. "Consumers and businesses purchasing products and services with VCAD will finally know the precise value of their digital currency when executing these transactions."

    Mr. Taylor added, "VersaBank was the very first digital bank nearly 30 years ago and has continuously been a pioneer in digital banking in the decades since. Digital currencies are the natural evolution of the world's payment systems, and the launch of VCAD is a natural extension of our digital banking operations as we once again leverage our in-house technology to lead the banking industry. We are proud to work with our partner, Stablecorp, on this industry first."

    "We are thrilled to partner with VersaBank, a Schedule I Canadian bank, to offer a digital currency that addresses the two major shortcomings of the traditional cryptocurrency market – volatility and security," said Jean Desgagne, CEO, Stablecorp. "VCAD provides consumers with not only the security afforded by an underlying deposit with a Canadian chartered bank but also the comfort of knowing that each VCAD issued or redeemed will always have one-to-one value with the Canadian dollar. With such clear benefits, we are highly confident in the demand for VCAD as digital currencies increasingly become part of mainstream financial transactions."

    In addition to VCAD, under their partnership, VersaBank and Stablecorp plan to work together towards the development and launch of "VUS" and "VEuro", deposit-based, US dollar and Euro versions of the VersaBank digital currency.

    ABOUT VERSABANK

    VersaBank is a Canadian Schedule I chartered bank with a difference. VersaBank became the world's first fully digital financial institution when it adopted its highly efficient business-to-business model using its proprietary state-of-the art financial technology to profitably address underserved segments of the Canadian banking market in the pursuit of superior net interest margins while mitigating risk. VersaBank obtains all of its deposits and provides the majority of its loans and leases electronically, with innovative deposit and lending solutions for financial intermediaries that allow them to excel in their core businesses. In addition, leveraging its internally developed IT security software and capabilities, VersaBank established wholly owned, Washington, DC-based subsidiary, DRT Cyber to pursue significant large-market opportunities in cyber security and develop innovative solutions to address the rapidly growing volume of cyber
  • W
    Wolftopus
    I’m loading up more. Before earnings! This stock has a lot going for it and is flying under the radar. The crypto vault alone will put this bank on the map not to mention a 46% year over year increase. An insured schedule I lender/dividend stock leading the industry in innovation. Love that I’m in on the ground floor.
  • T
    TruthBurns
    few know about this bank..schedule 1..and currently are warehousing e coins from many e coin suppliers, making mucho profits under the radar
  • I
    Isum
    More good news :
    Versabank to Launch VCAD, World's First Bank-issued, Deposit-based Digital Currency

    https://www.prnewswire.com/news-releases/versabank-to-launch-vcad-worlds-first-bank-issued-deposit-based-digital-currency-301234498.html
  • U
    Ursa
    I bought this one month ago for LT and since then it just hovered in the range of $10.90 to $11.25. Good to see some price movement today. I have a feeling this quite forum will be very active soon.
  • C
    Corey
    I was kidding, but apparently there are interesting conversations going on involving Versabank and cryptocurrency exchanges. Given their combination of international banking and blockchain crypto security it seems inevitable.
    Stock is way too cheap for the upside potential.
  • Y
    Yuri
    I wonder if they have any plans to expand into other markets or other countries. The Canadian market is too small for this company to continue to grow
  • D
    Dylon
    Have added VB to my Portfolio. Looks to be the "Future" of banking. They have some good features they are working on. Increasing loans is great! Some Risk involved but the Upside is worth it.
  • m
    mike
    Yes this stock will be bought by a big bank in 5yrs. It will be a place for growth for one of them.
  • I
    Isum
    The price target $18 is without the cryptocurrency. $18 is an underestimation for this stock.
  • j
    jaswinder
    Just check their insider trading report for your DD. Bullish and adding more positions
  • N
    Naveed
    I'm not very sure why there was a small dip after the earnings. Sure there wasn't a sequential QoQ growth but compared to last year, they're growing a solid double digits. They also have a cybersecurity arm that will start to churn out revenues soon as partnerships build.
  • W
    Wolftopus
    I’m loading up more. Before earnings! This stock has a lot going for it and is flying under the radar. The crypto vault alone will put this bank on the map not to mention a 46% year over year increase. An insured schedule I lender/dividend stock leading the industry in innovation. Love that I’m in on the ground floor.
  • r
    rory
    So cashless society eventually?
  • R
    Renzo
    Oakdale Securities started covering VersaBank on Aug 22, 3019.
    They are Bullish on the stock.
  • J
    JT
    Is anyone else curious to see how their digital vault will be received later this year?