A press released on November 08, 2018 details that the Canadian Versabank subsidiary is launching “VersaVault”. The new “Digital Vault” was first announced as the “digital safety deposit box” in early 2018 to attract crypto clients to its new tool. Since it aims at pulling new crypto exchanges and funds, the product is designed to provide storage on their servers.
The VersaVault will now begin rolling out services to cryptocurrency exchanges and crypto investment funds.
David Taylor, president, and CEO of VersaBank and VersaVault notes that “while many firms are still planning to build the digital safety box, VersaBank has already developed one.” Moreover, he notes that;
“I am just delighted with the successful results of our strenuous beta testing”
Beyond digital safekeeping, the VersaVault will also offer multi-signature service for the crypto trading platform as well as crypto investment. However, the client neither accesses the client’s digital safety box nor it looks inside the box.
In discussion with Coindesk, bank director, Wade MacBain delighted that the bank has already received 200 inquiries regarding its digital safety product. Beside VersaVault, there are many firms introducing a similar concept and tend to offer safe crypto institutional services.
Do you think VersaVault would be safe enough for crypto firms? Let’s discuss