Canada-based VersaBank to rollout digital safety deposit box for crypto exchanges and investment funds

VersaBank, a Canadian chartered bank, has announced that its subsidiary, VersaVault, has initiated commercialization of its digital safety deposit box following its successful beta testing phase.

In January, the bank announced its plans to develop blockchain-based digital safety deposit box, dubbed “VersaVault.”

The beta testing focused on ensuring VersaVault’s design would meet the specific requirements of crypto exchanges and funds. It also focused on designing a seamless, efficient and timely experience for its clients and providing a technologically advanced digital and cyber-security solutions while maintaining their absolute privacy.

“I am just delighted with the successful results of our strenuous beta testing. 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,” David Taylor, President and CEO of VersaBank and its subsidiary, VersaVault, stated.

Taylor added that VersaVault will now start rolling out services to cryptocurrency exchanges and crypto investment funds. Services include providing digital safekeeping as well as multi-signature services.

VersaBank clarified that VersaVault does not have the ability to ‘drill’ into a client’s digital safety deposit box, nor does it have the ability to look inside. The ability to access the digital valuables kept in the digital safety box rests only with the respective clients.