VersaBank, a Virtual Canadian chartered bank, is creating an innovative “Blockchain-based digital safety deposit box” for bitcoin and other cryptocurrencies.
The Bank stated the hiring of a Chief Architect of Cyber Security to supervise a group of engineers in developing a unique Blockchain-based digital safety deposit box, named as the VersaVault. The service will be available by June and will serve as a means to reserve cryptocurrencies.
It is very common that physical property and assets such as precious metals stored in Switzerland, Hong Kong, and even Singapore, but when it comes to digital assets, could the country of choice soon be Canada? President and CEO David Taylor sure hopes so and has positioned the bank to become a global leader in digital asset security from the position of safety.
. “The bank wouldn’t have any backdoor to open up the vault; we’re just providing the facility that folks could put their digital keys in.”
It is yet not known how more reliable a “blockchain-based” crypt will compare to basic hard drives