VersaBank Adopts Staplecorp’s QCAD as Part of Broader Digital Asset Strategy

Federally chartered in both Canada and the US, VersaBank operates on a branchless, digital, business-to-business model based on proprietary technology that enables the organization to address underserved segments of the banking industry.

In 2018, the tech-forward institution launched VersaVault, a digital vault for security-conscious organizations looking to secure sensitive and confidential documents, data, code, blockchain-based assets.

This month, VersaBank revealed that has begun receiving QCAD deposits.

The crypto-centric move falls in line with previously announced custody services agreement with Ontario-based Stablecorp.

“The start of the flow of QCAD deposits is not only further validation of the market-readiness of our VersaVault technology for the rapidly growing digital asset opportunity but also represent a significant milestone for the Bank as our first incremental income from our digital asset strategy,” commented David Taylor, Founder of VersaBank.

Stablecorp has raised multiple rounds of capital to pioneer Canadian digital asset infrastructure via the QCAD Digital Trust—which is backed by investors such as Coinbase, Circle, and DeFi Technologies.

Notably, QCAD recently gained a listing on Kraken, a long-standing and reputable crypto platform.

“We are very proud to be the custody provider for QCAD and congratulate Stablecorp on this listing of QCAD on Kraken, one of the largest and most respected exchanges for digital assets,” Taylor said. “This is an incredible milestone for Stablecorp and we look forward to sharing in the expected rapid adoption of QCAD for many years to come.”

Stablecorp’s flagship product, QCAD, is a digital currency fully backed 1:1 by Canadian dollar reserves which are held in an arms-length trust with an independent trustee and are subject to regular transparency reports and third-party attestations—a structure designed to provide the highest standard of security and transparency for mission-critical applications.

“The value of stablecoins in circulation is forecast to grow,” says Taylor. “As a federally regulated, national bank in both Canada and the United States, we believe we offer the ultimate value proposition for the custody of digital assets on both sides of the border.”