Canadian bank opens Digital vaults for Cryptocurrencies

By Prashant Jha

VersaBank a Canadian based bank has announced that it has successfully tested the Beta version of its Crypto Deposit Safe. The program came into existence in January of 2018. The bank is quite small regarding assets and chose only two people to run the Beta program having a Digital only bank safe. The bank believes that this new approach and ‘One of its kind’, will help the investors and people who have a vested interest in the digital currency. Even other countries are tying and testing on how to make Cryptocurrency mainstream

The Bank enlisted Gurpreet Sahota as the Program head who previously worked as a principal architect of cybersecurity with Blackberry. He has put in the greatest of resources to make this dream become a reality. The bank will be helping the investors, customers or anyone interested in safeguarding the digital wealth in a bank.

The Program is called Safety Deposit Box, where people can store any digital form of information or currency, without worrying about the Spyware attacks, hackers continuously trying to snoop all your digital currency.

When the bank was asked about this step one of the representatives explained, that many people today have shown support towards the digital form of currency and technology behind it. However, they don’t have the resources to store and safeguard their precious money from different obstacles in the world.

The VersaBank CEO, David 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.”

Also read: Google CEO Believes Cryptocurrencies hold great potential

VersaBank in its quest to provide the first banking system with the digital storage capacity also became the first digitally branchless bank. It is looking forward to bring this innovation mainstream with the passage of time.