Canadian Digital Safety Deposit Box Launches for Crypto Firms

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Canadian Digital Safety Deposit Box launches For Crypto Firms

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Canadian bank VersaBank announced on Thursday that its digital safety deposit box is ready for use by cryptocurrency firms.

The VersaVault project is “initiating commercialization of its services” after successfully completing beta testing, a press release reports. The custody solution can be used to “securely” store cryptocurrency assets, while the bank says it will also provide multi-signature services for digital currency investment funds and exchanges.

According to VersaBank’s Director of Investor Relations Wade MacBain, VersaVault has already prompted over 200 inquiries.

MacBain has emphasized that alongside top security, clients can also ”enjoy absolute privacy”, with the bank unable to access or view funds in a clients account; the account holder is the only entity capable of accessing or knowing what is inside their digital storage facility.

Despite producing a significant product in terms of secure cryptocurrency storage solutions, VersaBank is far from a leading financial institution in terms of size. After becoming the world’s first branchless, electronic only bank in 1993, it remains Canada’s smallest bank in terms of asset size.

Major banks have shied away from the still risky business of releasing a cryptocurrency custodial solution, with some pundits saying a secure storage product will entice more institutional investors into the cryptocurrency market.

”While many are considering ideas and plans for a digital safety deposit box, we have designed and built it,” said David Taylor, President and CEO of VersaBank.

The project was first announced in January, with two beta users signed on in March for the final stages of testing.

Gurpreet Sahota, former lead architect of cybersecurity at Blackberry, joined the project shortly after its announcement in January and has spearheaded the security aspects of the project since.


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