Cryptocurrency Deposit Box By Canadian Bank-A Canadian Bank has made every crypto enthusiast’s head turn towards it when it claimed to have developed a deposit box system now available for cryptocurrency firms.

VersaVault project

Similarly, announced by VersaBank on Thursday, the VersaVault project has successfully completed beta testing. The bank is purely based on digital transactions. It plans to offer the virtual lockbox to cryptocurrency exchanges and crypto investment funds to store their digital assets.

The project was announced in January this year. The bank had two beta users signed for the project by March 2018.

Earlier this year the bank said: “Bitcoin and other cryptocurrencies are quickly gaining popularity. And holders have already experienced their valuable holdings vanish from the less secure ‘digital storage’ options.”

Focus Of The Project

Cryptocurrency Deposit Box By Canadian Bank-The beta testing, conducted with their initial target client base, focused on ensuring VersaVault’s design would meet the specific requirements of cryptocurrency exchanges and crypto funds. Furthermore, it focused on designing a seamless, efficient and timely experience for their clients, while maintaining the unique features of the VersaVault: “providing our clients with the most technologically advanced digital and cyber-security solutions while maintaining their absolute privacy.”

VersaVault does not have the ability to ‘drill’ into a client’s digital safety deposit box. And nor does it have the ability to look inside. Only the client has the capability to access their digital valuables and only they know of the contents inside.

The bank seemed to be very optimistic around the developments which were also backed up by some demand. The Director of Investor relations for the company Wade MacBain said: “While many are considering ideas and plans for a digital safety deposit box, we have designed and built it, and are now commercializing a first of its kind service that provides our clients with the most sophisticated security and authentication technology available globally, in which our clients enjoy absolute privacy.”

0 0 vote
Article Rating

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inline Feedbacks
View all comments