A Canadian bank has announced the successful testing of a Beta version of VersaVault, their proprietary cryptocurrency safe, with a full rollout on the way. First announced back in January, the service from VersaBank will allow cryptocurrency holders in the country to safely deposit their crypto holdings rather than leaving them vulnerable on exchanges or holding them on a hardware device.
VersaBank claims the VersaVault offers “impenetrable world class security, privacy of secured keys and client-centric access flexibility, created and managed by a chartered bank in one of the world’s most trusted financial markets.”
Serious About Security
VersaVault is the brainchild of VersaBank CEO David Taylor, who appears to be bucking the trend in actively embracing the cryptocurrency market where other banks are proving resistant to it. Taylor hired former BlackBerry chief cybersecurity architect Gurpreet Sahota to lead engineers in creating the vault, which will store digital assets on servers around the world. Crucially, the bank will never know what is stored in the vault and will not have backdoor access. Regarding the successful testing phase, Taylor said:
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.
Ahead of the Game
VersaBank isn’t the first bank to announce a vault for virtual currencies, but it seems to be one of the frontrunners. In November 2017, crypto-friendly Korean bank Shinan Bank announced that it was planning to make a cryptocurrency vault, but no announcements on progress have been made.
Another Canadian firm Goldmoney Inc. began offering Bitcoin storage in September this year, but the VersaVault appears to be the most comprehensive and security-focused offering to date and will offer a new option in the search for the ultimate cryptocurrency storage solution.