The platform seeks to provide cybersecurity solutions to guarantee the safety of customers’ transactions. To date, the project has received more than 200 inquiries
VersaBank, the Canadian bank, plans to offer the virtual security box to support the exchanges of cryptocurrencies and cryptographic investment funds which are used to store digital assets. The key clients of the bank based in London would be cryptocurrency exchange houses and the cryptocurrency investment funds, according to a release published by the financial institution on November 8th.
The name of the project is VersaVault, which completed the beta tests and is about to celebrate its launch. The product was announced in January and the bank signed with two beta users in March, based on its target customers, to start the development.
According to a statement issued by the company, the testing phase focused on ensuring that VersaVault’s design met the requirements necessary for the correct functioning of cryptocurrency exchanges and cryptographic funds. The next objective was to design an experience that would be efficient and timely for customers while maintaining the VersaVault’s characteristics.
As an additional element, the platform seeks to provide digital and cybersecurity solutions technologically advanced in order to keep the security of customer’s information. “VersaVault does not have the ability to drill the customer’s digital security box, nor does it have the ability to look inward, only the customer has the ability to access to their digital valuables and only they know their content”, says one part of the official report.
Wade MacBain, Director of Investor Relations at VersaBank, said that the organization has received more than 200 inquiries about VersaVault. In a statement, David Taylor, VersaBank’s CEO, commented: “While some are considering ideas and plans for a digital safe, we have designed and built this. We are now marketing the first service that provides our customers with the most sophisticated authentication and security technology available worldwide, in which our customers enjoy absolute privacy”.
In fact, VersaBank hired an ex-cybersecurity architect at the smartphone maker Blackberry to head the new project in January; his name is Gurpreet Sahota. “Bitcoin and other cryptocurrencies are gaining popularity and holders who hold them have already experienced that their valuable properties are disappearing because of using less secure digital storage options”, a bank representative said in an announcement earlier this year.
About the financial institution
VersaBank was founded in Saskatoon, Saskatchewan in 1980. Its first name was Pacific & Western Bank of Canada, a name that changed for the current one in 2016; this is because “versa” is the prefix of “versatile”, an idea that the company transmits even in their way of working.
In 1993, it became the first financial institution without branches in the world because it seeks to invest in its base and technological platform. In fact, many of its procedures and loans are channeled electronically. It is another banking institution that opens to the world of cryptocurrencies and that now is dedicated to seeking to offer greater security to those who manage cryptoactives.
By María Rodríguez