07:30 AM EST, 01/27/2025 (MT Newswires) -- VersaBank ( VBNK ) on Monday said it made an internal transfer of some assets, including intellectual property relating to its Digital Deposit Receipt technology (DDR), to a subsidiary of DRT Cyber.

DDRs are highly encrypted digital assets, that represent a fiat currency on deposit with the bank.

The subsidiary, which will exclusively hold DDR assets and resources, has been renamed Digital Meteor, and is expected to enable VersaBank ( VBNK ) to generate additional shareholder value by capitalizing on its digital asset technology and intellectual property, alongside its anticipated growth from ramping up its receivable purchase program in the U.S.

The transfer also supports the bank's planned divestiture of its cyber security businesses. There are no material financial implications associated with the transfer, VersaBank ( VBNK ) said.