Home Blockchain VersaBank Launches Blockchain Based Vault Initiative to Securely Store Digital Property

VersaBank Launches Blockchain Based Vault Initiative to Securely Store Digital Property


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.”

About VersaBank

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.

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