Canada’s VersaBank Announces a Digital Vault Service For Securely Storing

Although banks and the crypto markets haven’t shared a cordial relationship in the past, Canada’s VersaBank is looking to cash-in a unique opportunity in this booming crypto market. With the increasing reports about online crypto wallet hacking, VersaBank has recently launched a new Digital Vault Service which will provide a safe and secured storage for crypto investors to store their digital assets.

As reported by Bloomberg, this project is head by former Blackberry employee and security expert Gurpreet Sahota who will be in charge to design the online “VersaVault” for storing cryptocurrencies. VersaBank calls this as “Blockchain-based digital safety deposit box”.

While making an official announcement, VersaBank said: “Your digital assets are just as valuable as any family jewelry, property deed or stock certificate, but protecting them isn’t nearly as simple.

“No storage device or commercial cloud service is completely safe, and most blockchain-based secure storage is only for crypto-currency and offered by companies you’ve never heard of, in places you don’t know.

“Like a safety deposit box, only you have access to what’s inside, and like a safety deposit box, it’s been built by an institution you can trust to be there for the long run.”

VersaBank CEO and President, David Taylor said that the banks latest offering will help Canada to get a further push ahead in its pursuit of being a cryptocurrency world leader. In this growing demand for cryptocurrencies, many countries having an open economic bent of mind, are seen flexing their muscles to grab the prime spot in the race.

By further clarifying the plans, Taylor said that the “VersaVault” will completely ensure the customer’s privacy and not even the bank will be able to fetch details about the contents of the vault. Taylor further added that large funds have shown huge interest in storing their digital assets in VersaVault, ever since it has been announced last month. The cost of availing this service is yet not determined but is expected to be a bit costly.

Taylor further added that “We’re using what banks are all about — safety and security — only what we’re doing now is saying that physical box in the basement is getting obsolete. 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.”

There has been a growing demand for safe vaults after recent reports of several online hacking attempts and the vulnerability of accounts to the hacking of digital assets.