VersaBank, an all-digital bank based in Canada, is developing a "blockchain-based digital safety deposit box" as part of an effort to tap the tech for new services.

Dubbed VersaVault, the service will act as a means to store cryptocurrencies and other types of digital property, according to a Tuesday announcement. The product represents an expansion of sorts for the Canadian bank, which doesn't operate any physical branches and is primarily focused on deposits and financing. VersaBank was founded in the early 1980s and is publicly traded on the Toronto Stock Exchange.

President and CEO David Taylor positioned the product from the perspective of asset safety, pointing to the cybersecurity challenges that surround the handling of cryptocurrencies.

"Bitcoin and other crypto currencies [sic] are quickly gaining popularity and holders have already experienced their valuable holdings vanish from the less secure 'digital storage' options," he said in a statement.

VersaBank has tapped Gurpreet Sahota, formerly the principal architect of cybersecurity at smartphone maker Blackberry, to spearhead the project. Sahota will also act as the bank’s chief architect of cybersecurity.

“Banks have always been known as the safest place to store physical valuables and it is our aim to make VersaVault the safest place to secure your digital valuables, with absolute privacy," Sahota said in a statement.

Vault door image via Shutterstock