The tool performs cryptocurrency storage on servers located all over the world. Furthermore, the bank itself can neither employ brute force to access the digital ‘boxes’ nor become aware of their contents.
Regarding the digital safety deposit box, David Taylor, president and CEO of VersaBank and VersaVault 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.”
Taylor further stated:
“…The VersaVault will now begin rolling out services to cryptocurrency exchanges and crypto investment funds.”
The move takes the moderately obscure VersaBank along the same direction as a few players in Europe. It can be remembered that Lichtenstein’s Bank Frick started offering cold storage facility of cryptocurrency tokens as portion of its in-house offer earlier this year, whereas individual institution Union Bank became completely centered on cryptocurrency and blockchain in August.
The top guns of cryptocurrency storage still dwell inside the industry itself, with institutions utilizing services such as Xapo’s physical storage in Swiss vaults.