COINDESK UPDATING… Canadian Bank Opens Deposit Box for Cryptocurrency Firms

A Canadian financial institution says its digital security deposit field is prepared for prime time.

VersaBank introduced Thursday that its new VersaVault challenge had efficiently accomplished beta testing. The digital-only financial institution plans to supply the digital lockbox to cryptocurrency exchanges and crypto funding funds to retailer digital belongings.

Director of investor relations Wade MacBain instructed CoinDesk that the financial institution has already obtained over 200 inquiries about VersaVault.

In a press release, VersaBank CEO David Taylor added:

“Whereas many are contemplating concepts and plans for a digital security deposit field, we’ve designed and constructed it, and are actually commercializing a primary of its sort service that gives our purchasers with probably the most subtle safety and authentication expertise out there globally, during which our purchasers take pleasure in absolute privateness.”

The product was first introduced in January 2018, and the financial institution, Canada’s smallest by belongings, signed on two beta customers in March.

VersaBank enlisted Gurpreet Sahota, previously the principal architect of cybersecurity at smartphone maker Blackberry, to spearhead the challenge again in January.

“Bitcoin and different cryptocurrencies are rapidly gaining recognition and holders have already skilled their precious holdings vanish from the much less safe ‘digital storage’ choices,” the financial institution stated in a press release earlier this yr.

Security deposit field picture through Shutterstock

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