The well-known Canadian financial service Versabank has announced that it is in the process of creating a new vault which will be for securely storing crypto assets. Versabank’s newest product will be called ‘Versavault’, which will be a platform that will be used to store all types of digital assets including cryptocurrencies, but with the security that comes along with a Canadian chartered bank.

Digital Assets Are Just as Valuable as Jewelry, Property Deed or Stock Certificate- Versabank

This week Versabank announced the development of its new product Versavault, which is a safety deposit box designed for the exclusive storage of various digital properties. The vault will be based on the blockchain technology, will be 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 Versavault.

“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.”

Founder Thinks Versabank Can Make Cryptocurrency Storage Trustworthy

Versabank has always put great emphasis on innovation ever since it decided to become technology-based banking institution. David Taylor, the founder, created the branchless platform,and in 2013 it became the 10th largest publicly traded bank in Canada. Taylor is of the belief that the existing financial institutions can add a sense of trust to cryptocurrency storage.

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

“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 Joining in with Other Financial Firms

Many other financial firms and wealth management services have been providing better security for institutional and individual investors virtual savings, and Versabank will follow soon.

This week alone, blockchain company Metaco and the data security agency Guardtime have unveiled their new cryptocurrency storage solution called ‘Silo’. Also, the popular crypto trading platform Coinbase has launched ‘Coinbase Custody’, a vault built specifically for investors with digital assets.