Canadian Bank Opens Deposit Box for Cryptocurrency Firms

VersaBank says its VersaVault offers "absolute privacy" when announcing that crypto exchanges and funds can sign up to use the platform on Thursday.

AccessTimeIconNov 9, 2018 at 5:00 a.m. UTC
Updated Sep 13, 2021 at 8:34 a.m. UTC

A Canadian bank says its digital safety deposit box is ready for prime time.

VersaBank announced Thursday that its new VersaVault project had successfully completed beta testing. The digital-only bank plans to offer the virtual lockbox to cryptocurrency exchanges and crypto investment funds to store digital assets.

VersaBank Director of Investor Relations Wade MacBain told CoinDesk that the bank has already received over 200 inquiries about VersaVault.

In a statement, VersaBank CEO David Taylor added:

"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."

The product was first announced in January 2018, and the bank, Canada's smallest by assets, signed on two beta users in March.

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

"Bitcoin and other cryptocurrencies are quickly gaining popularity and holders have already experienced their valuable holdings vanish from the less secure 'digital storage' options," the bank said in a statement earlier this year.

Safety deposit box image via Shutterstock

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