Deposit Boxes Opened For Cryptocurrency Firms In Canadian Banks

Nov 9, 2018 at 21:00 Update Date :Nov 9, 2018 at 21:00 UTC

A bank in Canada says that its digital safety bank is ready for starters. This Thursday, VersaBank announced the inauguration of its successful new project VersaVault. The new project has also successfully completed beta testing. VersaVault is basically a digital bank and security vault which offers its customers virtual lockbox to cryptocurrency and storage for crypto investment funds.

As per the reports, VersaBank director of investment relations, Wade McBain said that the bank has already received over 200 inquires related to VersaVault.

VersaBank’s CEO, David Taylor said that many people are still considering ideas and planning for a digital safety deposit box whereas VersaBank has already designed and built it. They are now providing a first of its kind service that helps their clients with the most sophisticated security and authentication technology available globally, in which the clients enjoy absolute security.

The bank added, “Bitcoin and other cryptocurrencies are quickly gaining popularity and holders have already experienced their valuable holdings vanish from the less secure ‘digital storage’ options,”

The innovation of the VersaVault was first announced in January 2018.

VersaBank is Canada’s smallest bank by assets, it still managed to sign two beta users in March.

Gurpreet Sahota, formerly the principal architect of cybersecurity of BlackBerry has been heading the VersaBank’s new project since January. He undoubtedly had some great experience and knowledge working with Blackberry, one of the most popular smartphone companies in the past. He passes on his knowledge and gains more experience working with VersaBank. There have been no questions raised against the security of the project and hence, proves his effective work.

The world of cryptocurrency is a fast pacing world and extremely risky as well. there have been various reports about the emerging cryptocurrency scams. The project by VersaBank is a great move towards the safety of the digital currency. Bitcoinists and crypto enthusiasts required a security vault to ease down their day to day exchanges.

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