Canadian Financial Institution, VersaBank Subsidiary, Completes Beta Testing of Digital Safety Deposit Box, to Store Cryptocurrency

Canadian Financial Institution, VersaBank Subsidiary, Completes Beta Testing of Digital Safety Deposit Box, to Store Cryptocurrency

A subsidiary of the VersaBank, in Canada, North America, VersaVault, just announced the completed beta testing of its digital vault. This digital safety box made for crypto exchanges and crypto investment funds is ready to be pushed into the market.

This was confirmed in a press release on the 8th of November, but the initiative was earlier announced  February, 2018.

The new financial storage was designed by VersaVault to meet the requirements of crypto exchanges and investment funds. It provides multiple signatures and crypto storage on servers positioned in a network across the globe. The content of this box is totally secured, it cannot be forced open and there is no way the bank can know its content. It was designed specifically to provide absolute security and privacy to the client.

In the press release, the president and CEO of VersaBank and subsidiary, David Taylor expressed his happiness over the successful completion of the digital vault, while others are still nursing the idea;

“I am just delighted with the successful results of our strenuous beta testing. 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. The VersaVault will now begin rolling out services to cryptocurrency exchanges and crypto investment funds.”

VersaBank has been operating electronic branch model since 1993. As the first bank in the world to operate a branchless financial institution, this bank runs all its transaction electronically.

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It operates with a Canadian Schedule 1 chartered bank license, has its common shares traded on Toronto stock exchange as VB. And its preferred shares traded as VB.PR. A, for series 1 and VB.PR.B for series 3.

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