VersaBank, canadian digital Bank, is developing a “digital safe Deposit box on the blockchain”. Thus, the Bank intends to expand its range of services based on the technology of the distributed registry.
According to company information, service VersaVault designed for storage of cryptocurrencies and other digital property. It is expected that the new service will contribute to the expansion of the Bank, which does not have real branches and mainly focused on deposits and financing. VersaBank was founded in the 1980s, and its securities are traded on the Toronto Stock exchange.
The President and CEO of the Bank, David Taylor introduced a new product from the perspective of ensuring the security of store assets, pointing to the risks associated with trading cryptocurrency.
The President of the Bank said:
“Bitcoin and other cryptocurrencies are rapidly gaining popularity. Their holders have already seen how quickly the money evaporates from the less-protected “digital vaults”.
In the development of the project also involved Gurprit Sahota, the former leading expert on cybersecurity, the manufacturer of Blackberry smartphones. He will now be responsible for cybersecurity VersaBank.
Sahota expressed his opinion on the matter:
“Banks have always been the safest place for storing valuables. Our goal is to turn VersaVault in the safest place to store your digital assets in the conditions of absolute confidentiality.”