The formal adoption of cryptocurrencies by the hand of conventional banking continues to advance. This time the turn of the initiative comes from the hand of the Canadian bank VersaBank, who recently announced the creation of a digital security box called Versavault to safeguard customers’ cryptocurrency. Let’s see more details below.
VersaBank, a fully digitized Canadian bank, and is considered to be the “fintech engine of Canada.” The new security box will be based on blockchain and the development team of the same will be under the direction of Gurpreet Sahota, who was the head of cybersecurity of BlackBerry.
VersaBank in its presentation of this new service, described cryptocurrencies as “digital assets as valuable as any family jewelry, property title or share certificate”, which remains a factor of formal recognition of the quality of investments that users of cryptocurrencies perform.
Certainly the protection of digital assets of this nature is not an easy task, and even less after the background in security incidents that have meant multi-million dollar losses.
The VersaBank model has always been fully digital, and this new storage service is a necessary plus in its global portfolio of services. The service already has its own website, and it is called Versavault.
Security for the most demanding people
The vision of the CEO and current president of Versabak, David Taylor, is that Versavault is a kind of security paradigm in digital asset protection. This service is in itself a kind of logical and natural extension of the bank, and therefore its quality standard is ensured by the bank’s know-how and efficiency. In this sense, Taylor recently explained that the valuable assets of most people are contained in some kind of digital format, be it a deed or title, a document, a contract or a cryptocurrency in particular, and that in this case Versabank comes to take key steps in the global positioning as a store of digital assets, leaving the image of old traditional banks’ security boxes obsolete.
One of the most striking aspects of this service, and to which Taylor does not leave aside at the time of noticing its benefits, is the correspondence with the typical Swiss banking policy of the guaranteed discretion, and foolproof security. Being a safe and especially private service are factors that will win over customers from all over the world. In fact, Versabank has already received expressions of interest from other financial institutions in placing its digital assets under the protection of Versvault.
Although Versabank is not the first institution or company to offer this kind of services, it is certainly one whose reputation and expertise far antedates the preference of the experts in the field of digital transactions and their security.
Although it is still held as a small bank compared to others in Canada and North America, VersaBank has outperformed other large local banks, and analysts believe that with the creation and start-up of the digital vault service, the bank will have a golden opportunity to achieve a quick grow in the short term.