Canada’s VersaBank Launches Vault Storage For Cryptocurrencies

Canadian bank “VersaBank” has completed beta testing of the VersaVault project on creating digital deposit cells.

VersaBank is a fully online bank. He plans to provide cryptocurrency exchanges and investment funds with virtual safes, so-called deposit cells, where they could safely store their digital assets. According to the representative of VersaBank, the bank has already received more than 200 inquiries about VersaVault.

“While the majority are only exploring the possibility of creating digital deposit cells, we have developed them. And now we are engaged in the commercialization of the first-of-its-kind service that will provide our customers with absolute confidentiality using the most advanced security and authentication technologies in the world,"-CEO Of VersaBank David Taylor

Founded in 1980, VersaBank does not have physical branches, and customer service is carried out exclusively online. The bank mainly provides deposit services. The idea to create a service VersaBank told last January, and in March, an agreement was signed with two clients for the beta version. One of these clients, according to the company, was a cryptocurrency exchange, and the other was an investment fund. The company also worked on the project Gurpreet Sahota, which in the past was engaged in the development of the internal structure and external interfaces of the products of the manufacturer of Blackberry smartphones.

“Bitcoin and other cryptocurrencies are quickly gaining popularity. Their owners have already experienced firsthand how easily their valuable reserves can easily disappear from unsafe digital repositories, representatives of VersaBank explained when presenting the project."-Explained VersaBank Representatives

Recently, more offers for storing cryptocurrency funds began to appear on the market. In September, US regulators gave permission to launch a custodial service to store BitGo’s digital assets.

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