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Canadian Bank will Provide a Secure Digital Vault for Cryptocurrencies

Digital security has become more and more of a concern as technology has continued to advance. With the invention of cryptocurrencies, access to a safe trading platform for digital currency as well as safe wallets to store these coins in is paramount, and some corporations are finally catching on.

A new secure digital vault by Canadian bank

VersaBank Inc., a small bank based in Ontario, Canada, is taking the lead in the global finance and banking industry when it comes to digital currency. It has decided to take the leap and begin offering cryptocurrency-related services. Its first move: to build a secure digital vault for the storage of a variety of digital assets, including the controversial cryptocurrencies.

As a branchless bank that performs all of its work and services online, it’s little surprise that this less large player in the financial world game is stepping up to fill this need. With Gurpreet Sahota, former BlackBerry maker and current expert in encryption and digital security, in line to lead the project, the VersaVault is set to easily accommodate the digital keys and assets of users with the use of global computer servers. Unlike with traditional vaults, VersaBank will not have access to the vaults of clients, making them somewhat similar to a safety deposit box.

The future most effective digital security

This step is a huge move in light of the recent heist done on Japanese cryptocurrency exchange platform Coincheck, which saw thieves make away with over $500 million in digital coins. As cryptocurrency becomes more of a viable payment options and a valid form of currency worldwide, digital security is more valuable than ever.

VersaBank’s vault is set to be finished and ready for operation by June this year, when the corporation will begin offering this service to clients.