Canadian Bank VersaBank Launches Virtual Deposit Box for Crypto Firms

VersaBank, a bank operating in Canada, has announced the launch of its digital safety deposit box for cryptocurrency exchange and crypto-based investment funds.

According to a publication released by the bank on Nov. 8, Versavault, one of its subsidiaries has completed the virtual deposit box project and is now ready to commercialize the product for crypto firms.

“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,” President and CEO of VersaBank, David Taylor said.

Versavault guarantees Security, Privacy, and Safekeeping

The digital-only bank plans to provide digital safekeeping, as well as multi-signature services for crypto firms, after which it plans on analyzing the overall performance of the vault before the service can be rolled out globally.

Versavault has assured its potential clients that it will provide top-notch security of their digital assets, with technologically advanced digital and cyber-security solutions, while ensuring that clients maintain absolute privacy.

“VersaVault cannot drill into a client’s digital safety deposit box, or does it has the ability to look inside, only the client can access their digital valuables,” part of the post reads.

Versabank adopted the tech to develop a blockchain-based digital safety deposit box in January as part of an effort to explore the blockchain technology for new services

In March, the bank further went on to sign two memorandums of understanding (MoU) with two clients; one with a cryptocurrency exchange, and the other with a “cryptocurrency-based fund.”

VersaBank, formerly known as Pacific and Western Bank of Canada, is a Canadian chartered bank that was founded in 1980 as a trust company. According to Taylor, VersaBank became the world’s first branchless financial institution after it adopted an electronic branchless model In 1993.