VersaBank announced on Thursday that its subsidiary VersaVault had completed the beta testing for its digital safety deposit box successfully. The company will now begin commercialization of the service to crypto-based investment funds as well as cryptocurrency exchanges. Clients will be provided with digital safe keeping and multi-signature services during the first phase of the rollout.
The Branchless Bank Goes the Crypto Way
VersaBank, a Canadian Schedule I banking license holder is the first branchless financial institution in the world. The bank is now focusing on digital currencies through its VersaVault subsidiary. The safe deposit box by the company meets the requirements of both crypto funds and exchanges and provides them with a highly secure way of safekeeping their digital assets.
The beta testing of the box was conducted with their initial target client base. The mainstay of the test was to design an efficient, timely and seamless experience for the clients while maintaining the unique features of VersaVault.
What Is VersaVault?
The digital safety deposit box provides a cutting-edge digital and cyber-security solution to its users. The solution focuses on maintaining absolute privacy. VersaVault cannot “drill” into a safety deposit box. Only the owner of the vault will be able to access the digital assets kept inside it. VersaVault cannot look inside or confirm anything about the box, which means that only the client knows what is kept inside the box.
VersaBank and VersaVault president and CEO David Taylor talked about the new service provided by the institution saying:
“I am just delighted with the successful results of our strenuous beta testing. 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.”
The solution will now start rolling out to interested parties that want to secure their digital funds. As is evident, the vault is designed for institutional investors with large-scale investments.
VersaVault’s ‘Digital Safety Deposit Box’ Set for Commercialization was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.
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Author: Viraj Shah