Canada's VersaBank To Launch Blockchain-based Safety Deposit Box For Cryptos

versavault nov09

Canada's VersaBank said its subsidiary VersaVault has successfully completed beta testing for a Blockchain-Powered digital safety deposit box for storing cryptocurrencies.

VersaVault has also initiated commercialization stage of its safety deposit box for cryptocurrency exchanges and crypto investment funds.

VersaVault, which is said to be the world's first digital bank vault, had announced about its new tool in February. It provides cryptocurrency storage on servers throughout the world.

In a statement, the company said the first phase of the roll-out will be to provide digital safe keeping as well as multi signature services for crypto exchanges and crypto based investment funds.

The beta testing, conducted with initial target client base, focused on ensuring VersaVault's design would meet the specific requirements of its clients.

VersaVault does not have the ability to "drill" into a client's digital safety deposit box, nor to know the contents. But, only the client has the capability to access their digital valuables and only they know of their contents inside.

David Taylor, President and CEO of VersaBank and its subsidiary, VersaVault, said, "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."

Versabank earlier had hired Gurpreet Sahota, former BlackBerry principal architect of cyber security, as its cyber security head. Sahota had said that a prototype of VersaVault would use blockchain technology and let people withdraw and deposit all forms of digital items, such as contracts, wills and digital media, in addition to cryptocurrencies.

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