“The VersaVault will now begin rolling out services to cryptocurrency exchanges and crypto investment funds.” – David Taylor, President and CEO of VersaBank and VersaVault
VersaBank confirmed, in a press release on November 8th, that one of its subsidiary financial institutions had finished the testing of a ‘digital vault’ for storing cryptocurrency.
The ‘digital safety deposit box’ was announced by VersaVault in February, and is aimed at attracting crypto exchanges and funds as clients for the new tool.
The cryptocurrency storage provided by the product is on servers dotted throughout the world. The bank itself can neither use brute force to open the ‘digital boxes’ nor know its contents.
Commenting on the product in the press release, CEO and President of VersaBank and VersaVault, David Taylor said, “While many are considering ideas and plans for a digital safety deposit box, we have designed and built it, and are not commercializing a first of its kind service.”
The move puts VersaBank on the same trajectory as some of the several major players in Europe.
Earlier this year, Lichtenstein’s Bank Frick offered cold storage facilities for cryptocurrency funds as part of its in-house offer. In August, Union Bank made an announcement to become fully focused on cryptocurrency and blockchain in August.
This move by banks to invest in blockchain technology and financial services for cryptocurrency is a sign that financial institutions around the world are recognizing the value and significance of blockchain technology and cryptocurrency.
This technology and underlying currency have the potential to provide stiff competition to banks and financial institutions, by creating an alternate system of trading. Moreover, blockchain technology has uses far beyond those of just cryptocurrency trading.
Adopting blockchain technology and cryptocurrency can provide a bridge between banks and blockchain’s Distributed Ledger Technologies (DLT), thereby providing information and familiarizing the general public to facilitate mass adoption of this technology.
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