Canadian Financial Service Versabank Launches Digital Asset Vault

The well known Canadian financial institution Versabank has announced it is in the midst of building a new vault initiative for customers so they can securely store digital assets. Versabank’s latest creation will be called, ‘Versavault,’ a platform focused on storing all kinds of digital properties including cryptocurrencies, but with the security and trust that comes with a Canadian chartered bank.

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Versabank: ‘Digital Assets Are Just As Valuable As Any Family Jewelry, Property Deed or Stock Certificate’

This week the branchless Canadian financial management service, Versabank, has announced the creation of its new product Versavault — a safety deposit box specifically designed to house cryptocurrencies and a variety of other digital properties. Versabank’s new offering will be blockchain-based, encrypted, and claims to be an “impenetrable security solution.”

“Your digital assets are just as valuable as any family jewelry, property deed or stock certificate, but protecting them isn’t nearly as simple,” explains the bank’s new product.

Versavault is the solution your digital wealth has been waiting for: the impenetrable security and absolute privacy of blockchain encryption, created and managed by a chartered bank in one of the world’s most trusted financial markets.

Versabank Founder Thinks Banks Can Add a Sense of Trust to Cryptocurrency Storage

Versabank has always been focused on innovation since it decided to become a branchless technology-based banking institution. The founder of the bank, David Taylor, created the branchless platform, and in 2013 Versabank became Canada’s 10th largest publicly traded bank. Taylor believes incumbent financial institutions can add a sense of trust to the cryptocurrency ecosystem when it comes to securing valuable digital assets.

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

Banks have always been known as the safest place to store physical valuables and it is our aim to make Versavault the safest place to secure your digital valuables, with absolute privacy.

Versabank Joins the Many Other Firms Building Secure Storage Solutions for Institutional and Individual Digital Currency Investors

Versabank follows the many other financial firms and wealth management services offering to provide better security for institutional and individual investors digital savings. Just this week the blockchain company Metaco and the data security agency Guardtime revealed their new storage solution for cryptocurrencies called ‘Silo.’ Further, the well-known cryptocurrency brokerage service Coinbase has also launched ‘Coinbase Custody,’ a digital vault for institutional investors.

What do you think about the Canadian financial institution Versabank offering a cryptocurrencies vault for their customers? Let us know in the comments below.

Images via Pixabay, and Versabank Canada.

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