Canadian VersaBank offers virtual depositary boxes for Bitcoins, Ethereum and other digital assets

• VersaBankfinished the beta-testing of its newest virtual depositary solution.
• Clients will be able to store their digital assets in a secure and private way.

A Canadian financial institution VersaBank has finished the beta-testing stage for its VersaVault product that will provide exchanges and cryptocurrency funds with virtual storage for digital coins.
VersaBank is focused solely on digital assets industry, and according to the CEO of the company, it has already received over 200 requests for access to the new service.

 “I am just delighted with the successful results of our strenuous beta testing. 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. The VersaVault will now begin rolling out services to cryptocurrency exchanges and crypto investment funds,” David Taylor, President, and CEO of VersaBank and its subsidiary, VersaVault, stated in the official press release.

The company announced the upcoming release in winter, while in Marche, two VersaBank clients joined the testing team.  

According to the press release, the product is designed with the ail to satisfy the requirement of cryptocurrency exchanges and crypto funds in seamless and efficient technological solution that would allow to keep digital assets securely and maintain 100% privacy.  

“VersaVault does not have the ability to ‘drill’ into a client’s digital safety deposit box, 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 their contents inside,” the company states

While this solution signals that cryptocurrency industry environment gradually becomes more secure and capable of meeting the needs of institutional players, some experts believe that big companies are not interested in this type of assets as of yet.