Canadian Bank Opens Deposit Box for Cryptocurrency Firms

VersaBank, a Canadian digital-only bank, launches a project offering support to exchanges, funds, and investment on cryptocurrency. Below, a piece of news from CoinDesk:

VersaBank announced Thursday that it is new VersaVault project had effectively completed beta testing. Digital-only bank plans to give the virtual lockbox to cryptocurrency exchanges and crypto investment funds to keep digital assets.

VersaBank Director of Investor Relations Wade MacBain told CoinDesk the bank has received over 200 queries about VersaVault.

Inside a statement, VersaBank Chief executive officer David Taylor added:

“Even though many are thinking about ideas and plans for any digital safety deposit box, we’ve designed and built it, and therefore are now commercializing an initial available service that gives our clients most abundant in sophisticated security and authentication technology available globally, by which our clients enjoy absolute privacy.”

The merchandise was initially announced in The month of January 2018, and also the bank, Canada’s tiniest by assets, signed on two beta users in March.

VersaBank enlisted Gurpreet Sahota, formerly the main architect of cybersecurity at smartphone maker Blackberry, to spearhead the work in the month of January.

“Bitcoin along with other cryptocurrencies are rapidly gaining recognition and holders have previously experienced their valuable holdings vanish in the less secure ‘digital storage’ options,” the financial institution stated inside a statement captured.

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