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VERSABANK ANNOUNCES SUCCESSFUL COMPLETION OF SOC2 AUDIT AHEAD OF ANTICIPATED COMMERCIAL LAUNCH OF REVOLUTIONARY DIGITAL DEPOSIT RECEIPTS

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VersaBank (“VersaBank” or the “Bank”) (TSX: VBNK) (NASDAQ: VBNK), a leader in digital banking and cyber security solutions, today announced successful completion of the independent third-party System and Organization Controls (“SOC2”) – Type I audit (the “SOC2 Audit”) of its VersaVault®, VersaBank’s proprietary security technology for blockchain-based assets, which underpins the Bank’s revolutionary Digital Deposit Receipts (“DDRs”).

The voluntary SOC2 Audit, which was conducted by a national full-service audit, chartered professional accountancy and business advisory firm (the “Audit Firm”), verified the non-financial reporting controls, relating to security, availability, processing integrity, confidentiality and privacy of VersaVault®.  With the completion of the SOC2 Audit, VersaBank is preparing for commercial launch of its first Digital Deposit Receipt, VCAD, based on Canadian dollar deposits with the Bank.

“SOC2 is the gold standard in validating operational controls for critical software systems and represents another important point of differentiation for our Digital Deposit Receipts, which to our knowledge are the first of their kind in the world – highly encrypted digital assets based on actual one-for-one deposits with our A-rated federally licensed Bank,” said David Taylor, President and Chief Executive Officer, VersaBank.  “While the SOC2 Audit took longer than expected to complete due to pandemic-related logistical matters, we believe its long-term value to be immeasurable.  For potential customers, it provides even greater confidence in our Digital Deposit Receipts as a store of value and all of the functionality of a digital currency providing an ideal medium for digital financial transactions.  And, as importantly, we believe it very favourably positions our Digital Deposit Receipts in a rapidly evolving regulatory environment.

In addition, VersaBank, a fully qualified custodian for digital assets, is now SOC2 compliant for its secure and inherently private, digital asset custody and secure storage VersaVault® platform. Customers can leverage VersaVault® to securely and privately store and manage their digital assets themselves or entrust VersaBank to custody the digital assets for them.

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The SOC2 Audit follows several months of successful closed ecosystem testing of VersaBank’s DDRs, undertaken with VersaBank’s blockchain technology partner Stablecorp, which included both Canadian dollar-denominated DDRs (“VCAD”) and US dollar-denominated DDRs (“VUSD”) on the Stellar, Algorand and Ethereum blockchains, as well as testing with a Receipt Distributor, who will become one of the primary distributors of the Bank’s DDRs at commercial launch.

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Alpha Sigma Capital Research Releases May Report on ASC AI Index

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Blockchain

Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet

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Squad Labs announced that its Series A funding round, led by Electric Capital with participation from RockawayX, Coinbase Ventures, L1D, Placeholder, and Mert Mumtaz, will propel the launch of its Fuse smart wallet. The company aims to establish Fuse as a premier solution for securing and compounding personal digital wealth amid the growing onchain economy.

According to the company’s news release on June 12, smart accounts and smart wallets are gaining traction across blockchains as they offer a more intuitive, secure, and programmable user experience. Fuse abstracts seed phrases and provides features like wallet recovery, 2FA capabilities, and enterprise-level security for personal custody, simplifying the choice of storing digital wealth on-chain.

In addition to securing funding, Squad Labs also announced the public testing launch of Fuse on iOS. This move is part of their strategy to expand accessibility and refine functionality ahead of a full market release.

Meanwhile, a recent report from PYMNTS Intelligence explores blockchain’s role in enhancing cross-border payments. It suggests that integrating blockchain can streamline payment processing, enable digital-to-fiat currency conversion, and introduce stablecoins for faster and cost-effective cross-border transactions. Business-friendly decentralized finance (DeFi) solutions further automate and secure transactions via smart contracts, reducing dependence on traditional payment systems and enhancing security and transparency.

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The report underscores the significance of educating businesses and end-users about the benefits of blockchain-based cross-border payments. It advocates for partnerships with FinTechs and proactive engagement with financial institutions to drive adoption and improve industry-wide support for blockchain technologies in payments.

Overall, Squad Labs’ funding round and Fuse’s development represent strategic advancements in blockchain technology aimed at enhancing digital wealth management and transforming cross-border payment landscapes.

Source: pymnts.com

The post Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet appeared first on HIPTHER Alerts.

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