VersaBank Launches Its New VersaVault For Cryptocurrency Exchange Firms

VersaBank, a Canadian digital-only bank made recent announcements that its new VersaVault, a digital safety deposit box is up and running for prime time.

According to the bank, the virtual lockbox will be available to cryptocurrency exchanges and crypto investment funds to store digital assets.

Wade MacBain, Director of Investor Relations commented that the bank has already received over 200 inquiries about Versavault.

“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,” stated David Taylor, CEO of VersaBank.

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.