VersaVault, a subsidiary of Canada-based all-digital bank VersaBank, has successfully completed beta testing for its blockchain digital safety deposit box and is initiating commercialization of its services.
First announced in January of this year, VersaVault’s digital safety deposit box will enable the bank’s customers to easily, safely, and privately store their digital valuables, including cryptocurrencies, with the security and trust. The company claims that the product has multiple layers of protection from cyber-criminals.
During the beta testing of the product, VersaVault engaged with a number of key institutional customers, including crypto exchanges and crypto-focused funds, who are looking to enhance their crypto-asset security protocols that are currently in place. This has allowed for a mutual sharing of requirements, so that the design of VersaVault’s secure service will deliver the specific needs required of their customers.
VersaVault said the product will provide clients with the most technologically advanced digital and cyber-security solutions while maintaining their absolute privacy.
“It 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 said.
In the first phase of the rollout, VersaVault’s digital safety deposit box will be offered to cryptocurrency exchanges and crypto-based investment funds.
“I am just delighted with the successful results of our strenuous beta testing,” said David Taylor, President and CEO of VersaBank and VersaVault. “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.”
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