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Canadian bank opens deposit for cryptocompanies

Story Highlights

  • Bank has already received over 200 requests

  • Latest security and authentication technologies

Canadian cryptovault

A Canadian bank says its digital safe is ready to accept deposits in hot time. VersaBank announced on Thursday that its new VersaVault project has successfully completed beta testing. The digital-only bank offers virtual deposits for the exchange of cryptocurrencies and crypto investment funds for storing digital assets.

Absolute privacy for customers

VersaBank Investor Relations Director Wade McBane said the bank has already received over 200 requests for VersaVault. In his statement, VersaBank CEO David Taylor added: “While many are considering ideas and plans for a digital safe, we have developed and built it and are currently commercializing a first-of-its-kind service that provides our customers with the latest security and authentication technologies available all over the world in which our customers enjoy absolute privacy.” The product was first announced in January 2018, and the bank, the smallest by assets in Canada, signed a contract with two beta users in March.

VersaBank enlisted Gurpreet Sahota, the former chief cybersecurity architect of the Blackberry, to lead the project back in January. “Bitcoin and other cryptocurrencies are quickly gaining popularity, and owners have already experienced that their valuable reserves are disappearing from less secure digital storage,” the bank said in a statement earlier this year.