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:
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
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.