Canadian based VersaBank has announced that it will be commercializing its digital safety deposit box that will cater for crypto exchanges and crypto-based investment funds.
The former Pacific & Western Bank of Canada has been conducting beta testing of the technology using one of its subsidiaries, and it’s now ready to release the product to the market.
A Digital Safe For Large Crypto Holders
The product involves a digital safe as well as multi-signature services for crypto-based investment funds and cryptocurrency exchanges. The testing phase of the bank’s digital deposit box was conducted to ensure the design of the product was meeting the specific requirements of its target customers.
Therefore, target clients were allowed to try VersaVault’s capabilities. These included its privacy settings and its technologically advanced digital cyber-security solutions.
Now David Taylor, the president, and CEO of VersaBank and VersaVault claims the product offers full privacy to the customer. It cannot drill into the client’s digital safety deposit box nor look inside.
“I am just delighted with the successful results of our strenuous beta testing. 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 VersaVault will now begin rolling out services to cryptocurrency exchanges and crypto investment funds.”
The bank is one of the smallest in Canada regarding assets managed. It had planned to have the digital vault operational by June so that it could offer its services to customers across the globe.
Initially, it reached out to Gurpreet Sahota, a cybersecurity expert from BlackBerry.
Sahota was tasked with leading software engineers to design the vault, which would store digital assets on computer servers around the world.
Taylor calls physical safety deposit boxes obsolete and says VersaVault will fulfill the same goal which will be safety and security however for today’s needs.
“Most people’s really valuable assets are contained in some sort of digital format, whether it be a deed or a contract or a cryptocurrency.”
He also notes that the bank has no back door to open the vault.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.