One of the smallest banks in Canada, if not the smallest in terms of assets, has just come up with something inventive. According to Bloomberg, VersaBank Inc. is planning to open the first secure digital vault used to store cryptocurrencies.
The digital cryptocurrency vault will be probably available by June. The bank even made efforts and hired many cybersecurity experts to design a revolutionary vault. One of them is Gurpreet Sahota who is known for his role in Blackberry Ltd. which is one of the best companies in the encryption and security field.
According to VersaBank, Sahota is overseeing the design of the “VersaVault” that will be used to store digital assets on computer servers. The first plan is to create a vault that won’t be accessed at all – even by the bank itself – which will keep the privacy at a high level.
VersaBank is addressing the numerous needs for digital security and seeing it as an area which definitely needs attention, especially after the recent heist of more than $500 million from CoinCheck, the Japanese crypto exchange. As the bank says, their mission is to prevent the access to Internet connected wallets (which hackers use to get into the exchanges) by developing a 100% secure digital vault.
Still, VersaBank is not the only institution that thought of this and responded to the need for certain security. So far, Xapo Inc. has been offering secure Bitcoin storage – as well as Goldmoney Inc. (a Toronto-based firm).
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