Canadian Bank Opens Deposit Box for Cryptocurrency Firms

Neutral Canadian Bank Opens Deposit Box for Cryptocurrency Firms

A Canadian bank says its digital safety deposit box is ready for prime time.

VersaBank announced Thursday that its new VersaVault project had successfully completed beta testing. The digital-only bank plans to offer the virtual lockbox to cryptocurrency exchanges and crypto investment funds to store digital assets.

Director of investor relations Wade MacBain told CoinDesk that the bank has already received over 200 inquiries about VersaVault.

In a statement, VersaBank CEO David Taylor added:

"While many are considering ideas and plans for a digital safety deposit box, we have designed and built it, and are now commercializing a first of its kind service that provides our clients with the most sophisticated security and authentication technology available globally, in which our clients enjoy absolute privacy."

The product was first announced in January 2018, and the bank, Canada's smallest by assets, signed on two beta users in March.

VersaBank enlisted Gurpreet Sahota, formerly the principal architect of cybersecurity at smartphone maker Blackberry, to spearhead the project back in January.

"Bitcoin and other cryptocurrencies are quickly gaining popularity and holders have already experienced their valuable holdings vanish from the less secure 'digital storage' options," the bank said in a statement earlier this year.

Safety deposit box image via Shutterstock

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11/09/2018 / 05:00:37 Source: coindesk

BTC
1 BTC=$4,576.65
XRP
1 XRP=$0.4439
ETH
1 ETH=$136.68
XUC
1 XUC=$3.20
BCH
1 BCH=$263.26
EOS
1 EOS=$3.86

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Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
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2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
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