VersaBank, a London, Ontario-based digital-only bank, announced this week that they will be launching the VersaVault, a blockchain based digital asset storage system.
Touted as the world’s first blockchain safety deposit box, the VersaVault aims to keep client’s digital assets safe and secure.
The branchless bank hopes that the impenetrable characteristics of the blockchain combined with the real world trust placed in banks will make a compelling choice for clients storing their digital wealth.
“Blockchain security. Bank integrity.”
Although digital currencies are formed on decentralized networks, the transition to fully distributed systems may have some centralized service providers.
The company believes its trusted status as a Canadian Schedule 1 chartered bank will strengthen its appeal to clients. The alternative is often no-name service providers, many of which don’t disclose the people behind them, or where they’re located.
“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,” said David Taylor, VersaBank President and CEO.
Likening the vault to a safety deposit box, only the client will have access to what’s inside.
VersaBank tackling old banking models
Gurpreet Sahota, a recently hired cybersecurity expert, will lead the project. With a strong and globally respected background, Sahota previously led security efforts at Blackberry. Acting as Chief Architect of Cyber Security for VersaVault, he will lead a team of software developers to design the blockchain-based vault.
Although digital currencies are what comes to mind in terms of blockchain secured assets, the bank has broader ambitions. In time, they plan to secure any digital property for clients. In this regard, VersaVault will also compete with cloud-based security storage for any sensitive or valuable digital goods.
The bank flourished by applying technology to the financial sector. They opted to stray from traditional physical branches in favour of taking deposits and making loans solely online. VersaBank’s digital freedom ethos is captured by their slogan of “Choice through innovation.”
The VersaVault will further its mission to provide choice through innovation. With no physical locations or limitations, it will be available to clients globally.
VersaBank trades on the Toronto Stock Exchange (TSX) under the symbol VB.
Get the latest blockchain and digital currency news from Canada and around the world, delivered each week to your inbox.
Your Email address