VersaBank, one of the smallest banks in Canada by assets, has rolled out a virtual currency vault storing system in a bid to expand its markets share with services to the crypto industry. Called Digital Safety Deposit Box, the custody targets digital asset trading platforms and crypto investment funds, the bank said on Thursday.
The financial institution announced the project in February, and after several months of testing, VersaBank decided to launch the service fully. Digital Safety Deposit Box uses multi-signature as an identification system.
“The beta testing, conducted with our initial target client base, focused on ensuring VersaVault’s design would meet the specific requirements of cryptocurrency exchanges and crypto funds,” the bank said in a statement.
The storage works as a vault service, meaning that the bank should break the virtual coins up into independent parts, which as separate fragments have no value, and then store them in vaults. The bank offers the Digital Safety Deposit Box through its subsidiary VersaVault. Gurpreet Sahota, a former cybersecurity expert at BlackBerry, leads the project.