Banking Firm Announces Deposit Box For Crypto Companies
Nov 09, 2018
The Canadian bank, VersaBank has said that its digital safety deposit box is primed and ready.
The banking firm announced on Thursday that its new VersaVault project had successfully completed beta testing. The bank is only digital and now plans to offer a digital lockbox to exchanges of cryptocurrency and crypto investment funds to store digital assets.
According to VersaBanks website, they are leading the Finance tech scene in Canada by using advanced financial technology to earn ‘outstanding profits’.It also says that back in the 90s, branchless banks were still just a pipe dream but they started one. It was Canada’s first digital-only banking reimagined by engineers, unimpeded by legacy infrastructure or legacy thinking.
As it says on the website:
“But for us, the true potential of virtual banking wasn’t just more efficiency, it was more choice. By combining our own robust banking technology with the discipline and confidence of a Schedule 1 Canadian chartered bank license, we were able [to] help create innovative banking alternatives that our clients could trust. By partnering with us, alternative financial service providers could finally compete on a level playing field.”
The Director of Investor Relations of VersaBank, Wade MacBain told CoinDesk that the bank has already received over 200 inquiries regarding the banking firm.
In a statement, David Taylor, CEO of VersaBank 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."
Back in January this year, the product was originally announced and the bank, which is the smallest in the country (by assets) signed on for two beta users in March.
VersaBank signed up the former principal architect of cybersecurity at the smartphone designer Blackberry, Gurpreet Sahota who was brought in to lead the project back in January.
In a statement earlier in the year, the banks said:
"Bitcoin and other cryptocurrencies are quickly gaining popularity and holders have already experienced their valuable holdings vanish from the less secure 'digital storage' options."
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