Canada’s all-digital bank, VersaBank is currently working on a “blockchain-based digital safety deposit box” as part of an effort to exploit the technology for new services.
According to an announcement made on Tuesday, dubbed as the VersaVault, the service will function as a device to store cryptocurrencies and other types of digital property. The product symbolizes some sort of an expansion for the Canadian bank, which doesn’t run any physical branches. The bank is primarily focused on deposits and financing. VersaBank was established in the early 80s and is publicly traded on the Toronto Stock Exchange.
David Taylor, VersaBank President and CEO, positioned the product from the perspective of asset safety. Taylor points out the cybersecurity challenges that surround the management of digital currencies.
He said in a statement:
“Bitcoin and other crypto currencies [sic] are quickly gaining popularity and holders have already experienced their valuable holdings vanish from the less secure ‘digital storage’ options.”
VersaBank has designated Gurpreet Sahota, the former chief architect of cybersecurity at smartphone manufacturer, Blackberry, to spearhead the project. Sahota will also serve as the bank’s principal architect of cybersecurity.
Sahota in a statement said:
“Banks have always been known as the safest place to store physical valuables and it is our aim to make VersaVault the safest place to secure your digital valuables, with absolute privacy.”