Home / Cryptocurrency / The Canadian bank has decided to launch an uncontrollable "safe" box for cryptocurrency

The Canadian bank has decided to launch an uncontrollable "safe" box for cryptocurrency

A subsidiary of the Canadian financial institution VersaBank has confirmed that it has completed the beta test of a "digital vault" for the memorization of the cryptocurrency in a press release dated November 8th.

VersaVault, which announced its so-called "digital safe" in February, aims to attract cryptographic exchanges and funds as customers for the new tool.

The product provides the storage of cryptocurrency on servers around the world, the element of the safe deposit in the fact that the bank itself can neither force the digital "boxes" nor know their content.

"While many are considering ideas and plans for a digital safe, we have designed and built it, and are now marketing a first-of-its-kind service," commented David Taylor, president and CEO of VersaBank and VersaVault. , adding:

"… VersaVault will now start launching services for cryptocurrency and encrypted investment funds".

The move takes the relatively unknown VersaBank along the same trajectory as several players in Europe.

As reported by Cointelegraph, Bank Frick of Lichtenstein has released the cold deposit of cryptocurrency funds as part of its internal offer at the start of this year, while the colleague Union Bank has announced a pivot to fully concentrate on cryptocurrency and on the blockchain in August.

The maximum weights of cryptocurrency storage continue to reside within the industry itself, institutions that use services such as physical archiving of Xapo in Swiss vaults.

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