VersaVault Inc. (“VersaVault”), a subsidiary of VersaBank, is pleased to announce that Chairmans Financial B.V. (“Chairmans”), the exclusive licensee of VersaVault’s encryption and authentication technology for the storage of digital assets, has onboarded its first cryptocurrency exchange customer (“Exchange Customer”). Chairmans is providing the Exchange Customer with a full suite of financial services, including services relating to the storage of digital assets.
David Taylor, President & CEO of VersaBank, and its subsidiary, VersaVault Inc., stated:
“We’re delighted to announce that Chairmans has leveraged the technology licensed to it from VersaVault in connection with the onboarding of its first crypto currency exchange customer. We understand that numerous global cryptocurrency related exchanges and funds have indicated that they want an integrated solution – combining innovative and world leading strong and secure storage for digital assets with a full suite of banking services – and we believe Chairmans is best placed to provide that solution by, in part, leveraging the encryption and authentication technology licensed to it from VersaVault”.
As previously disclosed, this business will be carried on exclusively by, and in the name of, Chairmans. Neither VersaVault nor VersaBank is a party to a contract with the Exchange Customer nor will either of them be a party to any other customer contracts related to the business. Chairmans’ business has been established and is principally carried on in accordance with applicable laws in the European Union, where Chairmans operates. Chairmans is not related to VersaBank or any of its officers or directors.
About VersaBank: VersaBank adopted an electronic branchless model in 1993, becoming the world’s first branchless financial institution. It holds a Canadian Schedule I chartered bank license and obtains its deposits, and the majority of its loans and leases, electronically. 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: https://www.versabank.com
Visit VersaVault’s website at: https://www.versavault.com
Visit Chairmans Financial B.V.’s website at: https://www.chairmansfinancial.com
Forward Looking Information
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 and secure software by VersaVault’s licensees and suppliers (including Chairmans), VersaBank’s reliance on customers, fluctuations in currency and exchange rates, commodity prices or interest rates, 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.