Banking/FinanceNews

Versabank, Tiny Canadian Bank to Launch a Vault for Cryptocurrencies

This can be said has an optimism time going on in the crypto community. The tiny Canadian bank is developing a vault for cryptocurrencies.

Ontario-based VersaBank Inc is planning to have a digital vault for cryptocurrencies ready by this coming June to serve global customers. It is Canada’s smallest bank led by a tech-savy CEO is now building a safety deposit box for cryptocurrencies.

Chief executive officer David Taylor told Bloomberg:

“We’re using what banks are all about — safety and security — only what we’re doing now is saying that physical box in the basement is getting obsolete. Most people’s really valuable assets are containing in some sort of digital format, whether it be a deed or a contract or a cryptocurrency”.

VersaVault is being designed by Gurpreet Sahota, a cybersecurity expert from BlackBerry Ltd. It will help people securely store digital assets. VersaBank will not also be able to access the contents using a back door.

And after the announcing of the plans last month, VersaVault has attracted some interest even from large funds. They haven’t set up their pricing though.

The traditional bank still has a very little human interface and operates on a branch-less electronic model. It has a network of brokers throughout the country to collect deposits. It serves as a warehouse for assets and liabilities, buying loans and leasing receivables from non-bank financial firms and works with partners to offer retail and business finance.

Its shares have outperformed even large banks in Canada, soaring 24 percent this year. They also increased 19 percent last year against a low of 11 percent gain of the banks index. Thus, David Taylor is now aiming for bit more growth on go the course.

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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