Canada's bank about to launch cryptocurrency safe deposits

Posted 06 February, 2018

One small Canadian Bank VersaBank Inc. intends to create a virtual safety deposit for cryptocurrencies that will be available for clients from all over the globe.

“We’re using what banks are all about - safety and security - only what we’re doing now is saying that physical box in the basement is getting obsolete,” David Taylor, CEO in VersaBank Inc., commented to Bloomberg. “Most people’s really valuable assets are contained in some sort of digital format, whether it be a deed or a contract or a cryptocurrency.”

The developers are led by Gurpreet Sahota that used to work in BlackBerry, the leading company in cybersecurity. Like safe deposits, the bank will have no information about the content of the virtual deposits. The project is called VersaVault. Moreover, the bank will have no access to these assets.

The world community strongly requires services for safekeeping of digital assets, in particular on the recent robbery in South Korea, when Coincheck lost more than $500 million.

VersaBank is based on the remote business model. This means that the bank does not have branches and provides all services online or via its partners. The bank has a market value at CAD 158 million ($126 million) and CAD 1.73 billion in assets.

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07 February, 2018 11:20

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