Financial institutions in Canada are taking first place in the crypto revolution. One such institution is Canada’s VersaBank which recently announced the first-ever bank-backed crypto asset. VersaBank is a digital financial institution based in Canada.

VersaBank, in collaboration with Stablecorp, will launch VCAD, which is a new class of crypto assets backed by deposits in the bank. In simpler terms, this new currency will be the first to represent a real-world fiat asset.