Canadian Versabank Creates Private Deposit Boxes For Virtual Currencies

VersaBank Inc. is a small bank in Canada, which is looking for securing the customers crypto-holdings. It is based in Ontario, and is planning to launch its digital vault by June. Customers from all over the world have been suggested to open accounts.

At the current moment Versabank is the Canada’s smallest bank by assets. However, it is going to give the country’s Big 6 a run for their money.

VersaBank’s announced plans come at a time when secure cryptocurrency storage is needed, with large-scale hacks and crypto theft taking place all too often.

It is not the first bank offering storage for cryptocurrency and digital assets. Xapo Inc., which is based in Palo Alto, has been providing Bitcoin for customers during 4 years. A metals-focused company from Toronto called Goldmoney also began storing Bitcoin in September. Shinhan Bank from South Korea also has its own Bitcoin vault under construction.

VersaBank is poised to lead the charge in storing digital assets and cryptocurrency. The CEO David Taylor told Bloomberg:

“We’re a digital bank that has very little human interface and serves as a warehouse for assets and liabilities, and makes a good spread in the middle. That’s banking in its essence.”