VersaBank VersaVault is an all-digital bank based in Canada. The bank recently announced its VersaVault blockchain service. Find out how it works today in our review.
What is VersaBank?
VersaBank was launched in the early 1980s as Canada’s first branchless, digital-only bank.
In January 2018, the bank launched a blockchain-based digital safety deposit box. That blockchain-based deposit box is called VersaVault. Users can use the vault to store cryptocurrencies and other types of digital property. It’s the world’s first safety deposit box built on blockchain technology.
VersaBank is publicly traded on the Toronto Stock Exchange (TSX: VB). The company’s stock price jumped about 5% on the news.
The vault has not yet been released. However, it’s scheduled to be released in the near future. You can stay up-to-date on the latest news by visiting VersaVault.com. The press release for the vault was just issued on January 30, 2018.
How Does VersaVault Work?
VersaBank’s VersaVault will allow users to store cryptocurrencies and other types of digital property. It’s a digital safety deposit box built on the blockchain.
Traditional safety deposit boxes are used to store physical goods – like everything from gold bars to deeds to paper wallets. VersaVault aims to offer similar services for digital goods. If you have an asset that can be represented and stored digitally – like a cryptocurrency or a unique digital item – then it can be stored in VersaVault.
Overall, VersaBank claims to be the “world’s first blockchain-based safety deposit box.”
The service aims to compete with other blockchain-based storage solutions. These solutions are offered by little-known companies operating worldwide. Some people don’t feel comfortable trusting their digital assets to these companies. Furthermore, traditional storage devices and commercial cloud services are never completely safe.
With that in mind, VersaBank has created a digital safety deposit box that provides impenetrable security and absolute privacy via blockchain encryption. The deposit box is created and managed by a chartered bank in Canada, one of the world’s most trusted financial environments. Like any safety deposit box, only you can access what’s inside.
Ultimately, we know few technical details, features, or specifications for VersaVault at this time. The service was just announced on January 30, 2018. More information should be released in the coming months, with the vault released later this year.
VersaBank is a Canadian Schedule 1 chartered bank based entirely online. The company operates using an electronic branchless model.
The bank was founded in Saskatoon in 1980 as a trust company before later moving its head offices to London, Ontario.
VersaBank is led by president and CEO David Taylor. VersaBank has hired Gurpreet Sahota, the former principal architect of cybersecurity at Blackberry, to lead the project. Sahota will also work as the bank’s chief architect of cybersecurity.
VersaBank VersaVault Conclusion
VersaBank is a chartered Canadian bank based entirely online. In January 2018, the company announced a blockchain-based service called VersaVault. That service is the world’s first blockchain-based safety deposit box. It allows users to securely store digital goods with a chartered, trusted bank in a stable financial market.
To learn more about VersaBank and how it works, visit online today at VersaBank.com. The company has also setup a website specifically for its vault service at VersaVault.com.