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Election 2024

Canadian Bank Opens Deposit Box for Cryptocurrency Firms

VersaBank says its VersaVault offers "absolute privacy" when announcing that crypto exchanges and funds can sign up to use the platform on Thursday.

By Zack Seward
AccessTimeIconNov 9, 2018 at 5:00 a.m. UTC
Updated Aug 18, 2021 at 10:12 p.m. UTC
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Election 2024 coverage presented by

Stand with crypto
safety-deposit-box-shutterstock

A Canadian bank says its digital safety deposit box is ready for prime time.

VersaBank announced Thursday that its new VersaVault project had successfully completed beta testing. The digital-only bank plans to offer the virtual lockbox to cryptocurrency exchanges and crypto investment funds to store digital assets.

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    • VersaBank Director of Investor Relations Wade MacBain told CoinDesk that the bank has already received over 200 inquiries about VersaVault.

    In a statement, VersaBank CEO David Taylor added:

    "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 product was first announced in January 2018, and the bank, Canada's smallest by assets, signed on two beta users in March.

    VersaBank enlisted Gurpreet Sahota, formerly the principal architect of cybersecurity at smartphone maker Blackberry, to spearhead the project back in January.

    "Bitcoin and other cryptocurrencies are quickly gaining popularity and holders have already experienced their valuable holdings vanish from the less secure 'digital storage' options," the bank said in a statement earlier this year.

    Safety deposit box image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

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