Canadian Bank Lands 2 Prospects Of Using Crypto Vault

The only digital bank in Canada, Versabank prepares landing two users for its cryptocurrency vault service.

On Monday, the bank announced about signing two memorandums – one with a cryptocurrency exchange and the other with a “cryptocurrency-based fund.

In a statement Versa said about intention of facilitating discussions regarding VersaVault providing custodial services and piloting its blockchain based safety deposit box, which didn’t identify either business.

The bank’s president and CEO David Taylor pointed:

“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 … so that when we launch globally to the other exchanges, funds and numerous digital asset holders, we will have a product that meets their specific needs.”

In January, the bank introduced its digital property storage service and claimed at the time it would provide “absolute privacy” and security for digital currencies.

Versa is going to offer the service globally. In January it told Bloomberg, that it expected to roll out VersaVault in June.

The bank noted in a statement:

“Bitcoin and other cryptocurrencies are quickly gaining popularity and holders have already experienced their valuable holdings vanish from the less secure ‘digital storage’ options. 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”.

VersaVault is London-Ontario based foray into the crypto industry. The bank has an electronic branchless model and is specialized in deposits and financing.