VersaBank announces cryptocurrency digital safety deposit box

VersaBank announces cryptocurrency digital safety deposit box – VersaVault

VersaBank have announced the completion of beta testing for its digital safety deposit box and is now entering into the commercialization phase, according to a press release.

The project will also include the offering of digital safe keeping as well as multi signature services for cryptocurrency exchanges and crypto-based investment funds.

The testing phase of the company’s cryptocurrency digital safety deposit box, undertaken by one of VersaBank’s subsidiaries – VersaVault –  was conducted to ensure the product’s design would meet the specific requirements of cryptocurrency exchanges and crypto funds.

David Taylor, President and CEO of VersaBank and its subsidiary, VersaVault, claims the product cannot access a client’s digital safety deposit box or can look inside, giving them full privacy.

“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,” said Taylor.

VersaBank, which is Canada’s smallest bank in terms of assets, had originally planned to have the digital vault operational early this year and to offer the service to customers across the globe.

The bank first reached out to cybersecurity expert, Gurpreet Sahota, from BlackBerry. Sahota led software engineers in designing the vault, which stores cryptocurrencies on computer servers around the world.

Calling physical safety boxes obsolete, Taylor said VersaVault meets a similar need, but 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. The bank has no back door to open up the vault,” Taylor claimed.

VersaBank first went digital when it adopted an electronic branchless model in 1993 and became the world’s first branchless financial institution in 1993. The safety deposit box announcement puts the Canadian bank again in the lead, but other players will be competing for customers.

Goldmoney Group, a Canadian-based precious metal custodian, has expanded its business to include storage of Bitcoin and other cryptocurrencies in early 2014. Its new firm, Netagio, will be responsible for its clients’ digital assets.