In an announcement on Wednesday, the bank claims that VCAD, is backed by Canadian dollar, it is first digital currency issued and backed by deposits with a North American bank.
VersaBank currently only issues digital currency to financial intermediary partners in exchange for Canadian dollar deposits.
The partners will then offer VCAD directly to individuals and legal entities for use in commerce. The bank said that after that VCAD can be exchanged for Canadian dollars.
The bank said it expects VCAD to become available to the general public in the coming months.