Tiny Canadian Bank Unveils Digital Vault For Bitcoins

VersaBank, a tech-based, all-digital Canadian chartered bank, is developing a n ultra high-tech “Blockchain-based digital safety deposit box” for cryptocurrencies and other digital assets.

Last week, the firm announced the hiring of Gurpreet Sahota as Chief Architect of Cyber Security, a former Principal Architect of Cyber Security at BlackBerry Limited, to supervise a team of engineers in developing a novel Blockchain-based digital safety deposit box, known as the VersaVault. The service will be available by June and will serve as a means to store cryptocurrencies, according to the company’s latest press release.

VersaBank describes the VersaVault as the “world’s first blockchain-based safety deposit box,” which will soon be available on a global scale.

Your digital assets are just as valuable as any family jewelry, property deed or stock certificate, but protecting them isn’t nearly as simple. No storage device or commercial cloud service is completely safe, and most blockchain-based secure storage is only for crypto-currency… and offered by companies you’ve never heard of, in places you don’t know. VersaVault is the solution your digital wealth has been waiting for: the impenetrable security and absolute privacy of blockchain encryption, created and managed by a chartered bank in one of the world’s most trusted financial markets. Like a safety deposit box, only you have access to what’s inside, and like a safety deposit box, it’s been built by an institution you can trust to be there for the long run.

It is common that physical assets such as precious metals be stored in Switzerland, Hong Kong, and even Singapore, but when it comes to digital assets, could the country of choice soon be Canada? President and CEO David Taylor sure hopes so, and has positioned the bank to become a global leader in digital asset security from the perspective of safety.

Last month, Coincheck, a Japanese cryptocurrency exchange, told financial authorities that it had lost 500 million NEM cryptocurrency coin, which at January 26 exchange rate amounted to roughly $400 million. By far, this was the most significant crypto theft in history.

“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,” Taylor said in an interview at Bloomberg’s Toronto office. “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.”

“Our differentiator in …read more

Source:: Zerohedge.com

      

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