Canadian VersaBank is Building a Digital Storage for Cryptocurrency

The smallest in terms of assets the Bank of Canada VersaBank announced the creation of a digital vault for cryptocurrency. The new service will be launched in June.

“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,” said David Taylor, chief executive officer.

Secure and Super Private Place

To work on the new service, the bank attracted the BlackBerry specialist Gurpreet Sahota. He will lead the team of developers of virtual storage VersaVault. The digital assets will be stored on servers around the world. As in the case of safe deposit boxes, the bank doesn’t know what is inside. In addition, the financial institution will not even have access to the contents of the storage.

“Our differentiator in this market is to be secure and super private,” said Taylor.

The large funds have already shown interest in the novelty. The cost of services in the bank has not yet been determined, but it will not be “cheap”.

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