Canada-based all-digital bank VersaBank has signed two memorandums of understanding (MOUs) with a cryptocurrency exchange and a cryptocurrency based fund.
In January of this year, VersaBank introduced a blockchain deposit box, called VersaVault, which will enable the bank’s customers to easily, safely, and privately store their digital valuables, including cryptocurrencies. The MOUs are aimed at facilitating discussions regarding VersaVault providing custodial services and piloting its blockchain deposit box. The bank, however, did not identify either business.
“In connection with developing a product that meets with the seamless services that both exchanges and funds require, we have signed MOUs with one of each, which will provide us with the necessary feedback regarding what institutional digital asset holders require from our services, so that when we launch globally to the other exchanges, funds and numerous other digital asset holders, we will have a product that meets their specific needs, and one which provides for ease of use.” said David Taylor, VersaBank’s President and CEO.
VersaVault will work in a similar way to a safe deposit box, in that a given user will be the only one with access to the stored asset. The system will have multiple layers of protection from cyber-criminals. VersaBank believes the increasing number of thefts from crypto exchanges will boost the demand for secure vaults such as this.
“Banks have always been known as the safest place to store physical valuables and it is the aim of VersaVault to provide the safest place to secure your digital valuables, with the privacy and trust that comes with a Canadian chartered bank,” the company said. “It is anticipated that the VersaVault will be available to customers globally.”
VersaBank, formerly Pacific & Western Bank of Canada, is a Canadian chartered bank that was founded in Saskatoon, Saskatchewan in 1980 as a trust company. On August 1, 2002, it was granted a Schedule I Canadian chartered bank license by the Canadian federal government, the first in approximately 18 years. The bank is publicly traded as VB on the Toronto Stock Exchange.
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