Canada's VersaBank has completed beta of its new storage project – VersaVault, which is designed as a virtual deposit box for crypto exchanges and investment funds.
According to the company statement, the number of coming inquiries for the new service has already exceeded 200. The project was announced in January 2018, while in March two clients took part in beta testing.
As the bank representative stated, the beta was carried out in cooperation with the initial target clients. This phase was aimed at "ensuring VersaVault’s design would meet the specific requirements of cryptocurrency exchanges and crypto funds". VersaVault reportedly cannot "look inside" clients' deposit, as only clients will have access to their boxes. Moreover, no one except for them will know what the box contains.
"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," statement David Taylor, President and CEO of VersaBank and its subsidiary, VersaVault.
Notably, the project was created jointly with Gurpreet Sahota, formerly the principal architect of cybersecurity at smartphone maker Blackberry.