Canada’s VersaBank Opens New Crypto Asset Safety Deposit Box ‘VersaVault’ for Bitcoin Businesses
The Canadian bank VersaBank announced a few days ago that it has completed a project known as VersaVault. In a press release, the company informed that the intention is to offer a virtual lockbox for cryptocurrency exchanges and other investment funds. In this way, they will be able to store digital assets in a safe way.
The press release says that the first phase of the rollout will be related to providing digital safekeeping and multi-signature services. The beta testing has been conducted with an initial client base that focused on the design of the solution. With this product, the intention is to provide the most technologically advanced digital and cyber-security solutions maintaining absolute privacy.
It is important to mention that the bank does not have the ability to access into a client’s digital safety box. The institution cannot even look inside the box. Only the client is the only one available to access their funds and things stored inside the box.
David Taylor is the President and CEO of VersaBank. He said that he is very happy about the results of the beta testing of the new service. He explained that the VersaVault will be rolled out to cryptocurrency exchanges and other investment funds.
About it, Taylor mentioned:
“I am just delighted with the successful result of our strenuous beta testing. While many are considering ideas and plans for a digital safety 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.”
Talking with CoinDesk, the director of investor relations Wade MacBain, said that the bank already received 200 inquiries about the VersaVault product. That means that there is an important number of investors that are thinking about storing their funds at the Canadian bank.
The cryptocurrency world has been expanded in the institutional field. There are several companies that are developing tools and services for institutions and wealthy investors. During the last years, institutions were not able to participate in the crypto market because they did not have the services required to do so. VersaBank shows that the trend is changing and that financial companies are starting to offer institutional-grade solutions.
The product was announced back in January 2018 and is already going to be rolled out.