VersaBank, the smallest bank in Canada by assets, is now offering customers a safe vault solution for storing cryptocurrencies, the VersaVault, Bloomberg reported.
“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," David Taylor, chief executive officer of Canada’s smallest bank by assets, said in interview at Bloomberg.
“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."
VersaBank has hired cybersecurity expert Gurpreet Sahota from BlackBerry Ltd. to lead software engineers in designing its VersaVault.
It’ll securely store digital assets on computer servers around the world. Like a safety deposit box, the bank won’t know what’s inside. What’s different, though, is VersaBank can’t access the contents.
The bank plans to have its digital vault ready by June and offer the service to global customers.