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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2021
Commission File Number: 001-40805
VersaBank
(Exact name of registrant as specified in its
charter)
140 Fullarton Street, Suite 2002
London, Ontario N6A 5P2
Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
On November 29, 2021, VersaBank issued a press release, a copy of which
is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K.
The information in this Form 6-K (including Exhibit 99.1) shall not
be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise
subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of
1933 or the Exchange Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VERSABANK | ||||||
| Date: November 29, 2021 | By: |
/s/ Brent T. Hodge |
||||
| Name: | Brent T. Hodge | |||||
| Title: | General Counsel & Corporate Secretary | |||||
EXHIBIT INDEX
|
Exhibit No. |
Description |
|
| 99.1 | Press Release dated November 29, 2021. | |
Exhibit 99.1
For Immediate Release: November 29,
2021
Attention: Business Editors
VERSABANK EXPANDS
SUCCESSFUL CLOSED ECOSYSTEM TESTING FOR REVOLUTIONARY DIGITAL DEPOSIT RECEIPTS: ADDS US DOLLAR RECEIPTS, ALGORAND AND ETHEREUM BLOCKCHAINS,
AND RECEIPT DISTRIBUTOR TO TESTING
LONDON, ONTARIO/CNW/
– VersaBank (“VersaBank” or the “Bank”) (TSX: VB; NASDAQ: VBNK), a leader in digital banking and cyber
security solutions, today announced meaningful expansion to the scope and functionality of the closed ecosystem testing of its revolutionary
Digital Deposit Receipts (“DDRs”). As an investment-grade issuer-backed digital asset, represented by actual US or Canadian-dollar
deposits with VersaBank, the Bank’s DDRs are expected to be a superior, regulatory compliant alternative to current “stablecoins”
for mainstream financial applications.
The expanded closed
ecosystem testing, undertaken with VersaBank’s blockchain technology partner Stablecorp, adds US dollar-denominated DDRs (“VUSD”)
(in addition to Canadian dollar-denominated DDRs (“VCAD”) as previously announced), the Algorand and Ethereum blockchains
(in addition to the Stellar Blockchain as previously announced), as well as testing with a Receipt Distributor, who will become one of
the primary distributors of the Bank’s DDRs at commercial launch.
“We are very
pleased with the progress and outcomes to date of our Digital Deposit Receipt closed ecosystem testing, which is demonstrating that the
DDR model is functioning as designed and managing digital assets in a secure, trusted and attestable manner,” said David Taylor,
President and Chief Executive Officer, VersaBank. “VersaBank’s DDRs are a natural extension of our existing digital deposit
services that, when placed on a public blockchain and supported by the security of the Bank’s own VersaVault digital asset security
technology, become a completely unique, game changing, financial innovation.”
Mr. Taylor added,
“Over the last several months, we have seen increasing calls in North America and globally from both the private and public sectors
for oversight and regulation of private company-issued stablecoins. As a Schedule I (Federal) Bank with an investment grade rating, VersaBank’s
DDRs are very well aligned with the direction that such regulation appears to be heading. We are proud to be the first mover in this
space and are very enthusiastic about the potential of DDRs.”
Alex McDougall,
President of Stablecorp commented, “Existing stablecoin models have run into significant challenges making headway into mainstream
financial applications due to lack of transparency and regulatory oversight. DDRs are a “step-function” improvement over
existing models and Stablecorp is proud to be the blockchain technology partner to VersaBank.”
“The Algorand
Foundation is excited to see how this new, regulated approach to stable coins will accelerate crypto-currency adoption,” said Sean
Lee, Chief Executive Officer, Algorand Foundation.
“We’re
delighted to continue supporting VersaBank and Stablecorp, as they drive world leading financial innovation on Algorand.”
To date, VersaBank
and Stablecorp have successfully “minted” DDRs on the Stellar and Algorand blockchains, and designated VersaBank personnel
have successfully used minted DDRs to conduct mock transactions. Supporting these activities, VersaBank and Stablecorp have fully integrated
the Bank’s VersaVault digital asset security technology into the minting and burning workflow across all blockchains. Any and all
VUSDs and VCADs minted within the closed ecosystem testing continue to be – at all times – in the control of VersaBank.
Concurrent with
the expanded testing, VersaBank’s DDR system is undergoing a SOC (System and Organization Controls) 2 Audit, which is intended
to verify the non-financial reporting controls, relating to security, availability, processing integrity, confidentiality and privacy
of the system. The expanded closed ecosystem testing will continue until the completion of the SOC 2 Audit, following which VersaBank
intends to commercially launch VCAD and VUSD, which is currently targeted for early 2022.
ABOUT VERSABANK’S
DIGITAL DEPOSIT RECEIPTS (DDRs)
VersaBank’s
VUSD and VCAD are revolutionary highly-encrypted Digital Deposit Receipts (DDRs) with each DDR unit representing a one-dollar deposit
with the Bank. Facilitated by state-of-the-art blockchain technology, VUSD and VCAD are easily transferable, enabling them to be used
as frictionless digital currencies, but with the highest level of stability and security available today.
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 Inc. to pursue significant large-market
opportunities in cyber security and develop innovative solutions to address the rapidly growing volume of cyber threats challenging financial
institutions, multi-national corporations and government entities on a daily basis.
VersaBank’s
Common Shares trade on the Toronto Stock Exchange (TSX) under the symbol VB and on NASDAQ under the symbol VBNK. Its Series 1 Preferred
Shares trade on the TSX under the symbol VB.PR.A.
ABOUT CANADA STABLECORP
Canada Stablecorp
Inc. is a leading Canadian blockchain technology company focusing on building and scaling next-generation, bank-grade digital asset solutions.
Founded by 3iQ, Canada’s largest digital asset manager, and Mavennet, a global leader in blockchain development, Stablecorp combines
deep institutional financial experience with top-tier blockchain technology expertise to provide unique and highly implementable solutions
to top financial institutions.
FOR FURTHER INFORMATION,
PLEASE CONTACT:
|
LodeRock Lawrence Chamberlain (416) 519-4196 lawrence.chamberlain@loderockadvisors.com |
Visit our website
at: www.versabank.com
Follow VersaBank on Facebook, Instagram,
LinkedIn and Twitter.
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