Canadian VersaBank to launch blockchain-based digital safety deposit box

The renowned Canadian banking giant, VersaBank has made the announcement that its subsidiary, VersaVault is launching digital safety deposit box. Furthermore, it has successfully completed the necessary testing of their digital safety deposit box. They are going to employ its services commercially now.

Moreover, initially, they will provide its users with a digital safe. Moreover, they will also give multiple signature services for digital asset exchanges and cryptocurrency based investment funds. The banking giant is calling its new tool, a “digital safe deposit box”.

More about the launch of VersaVault

The Canadian banking giant VersaBank with its VersaVault aims to get cryptocurrency enthusiasts on their platform.

David Taylor, President, and the Chief Executive Officer of VersaBank and its tech subsidiary, VersaVault stated this. “I am just happy with the successful results of our strenuous beta testing.”

The financial institutions provide a safe and secure digital vault or store to its users for storing cryptocurrency or digital asset tokens. Furthermore, the safety in the deposit box comes with the security features that don’t even let the banks decrypt the contents of the box. Moreover, any attempts such as brute-force would also render useless.

Taylor also went out to describe how they are ahead when compared to other financial institutions. He stated: “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.”

About the current state of the service, Taylor stated this. “The VersaVault will now begin rolling out services to cryptocurrency exchanges and crypto investment funds.”

Certainly, with this move, VersaBank, a relatively unknown name has put itself in line with other banking giants which provide such crypto related services.