Canadian Financial institution Opens Deposit Box for Cryptocurrency Corporations

A Canadian financial institution suggests its digital security deposit box is prepared for primary time.

VersaBank announced Thursday that its new VersaVault project had productively accomplished beta screening. The digital-only financial institution designs to give the digital lockbox to cryptocurrency exchanges and crypto investment decision resources to retailer digital assets.

Director of investor relations Wade MacBain explained to CoinDesk that the financial institution has currently gained in excess of 200 inquiries about VersaVault.

In a statement, VersaBank CEO David Taylor added:

“Even though a lot of are considering thoughts and designs for a digital security deposit box, we have designed and created it, and are now commercializing a very first of its variety services that provides our clientele with the most subtle stability and authentication technologies obtainable globally, in which our clientele appreciate complete privateness.”

The item was very first announced in January 2018, and the financial institution, Canada’s smallest by assets, signed on two beta consumers in March.

VersaBank enlisted Gurpreet Sahota, previously the principal architect of cybersecurity at smartphone maker Blackberry, to spearhead the project back again in January.

“Bitcoin and other cryptocurrencies are swiftly getting acceptance and holders have currently knowledgeable their valuable holdings vanish from the fewer safe ‘digital storage’ selections,” the financial institution stated in a statement previously this 12 months.

Protection deposit box picture by using Shutterstock

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