VersaBank, a Canadian chartered bank, has announced that its subsidiary, VersaVault, the developer of the “world’s first digital bank vault” for cryptoasset exchanges, will be introducing a “digital” safety deposit box.

VersaVault’s safety deposit box is being released after “successfully completing” its beta testing phase. According to VersaBank, the new safekeeping solution will allow users to protect their digital assets by using the company’s multi signature services for exchanges and crypto funds.

As explained by VersaBank, the digital safety box ensures “absolute” user privacy because VersaVault “does not have the ability to ‘drill’ into a client’s digital safety deposit box, nor does it have the ability to look inside.”

“Only the client has the capability to access their digital valuables” – which are held securely in their digital safety deposit box and only the deposit box owners know what is stored inside them.

“Sophisticated Security And Authentication” 

David Taylor, the CEO and president of VersaBank and VersaVault, said:

I am just delighted with the successful results of our strenuous beta testing. 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 that provides our clients with the most sophisticated security and authentication technology available globally, in which our clients enjoy absolute privacy. The VersaVault will now begin rolling out services to cryptocurrency exchanges and crypto investment funds.

David Taylor

Founded in 1980, VersaBank was previously known as Pacific & Western Bank of Canada and operated a trust company. In 2002, the firm was issued a Schedule I Canadian chartered bank license by Canada’s federal government.

Currently, VersaBank trades under VB on the Toronto Stock Exchange and it has been operating as an “electronic branchless” financial institution since 1993.

Most of VersaBank’s loans, leases, and deposits are received and processed electronically.

Hardware Wallets Are Still Most Popular Cold Storage Option

As CryptoGlobe reported in October, the developers of the Cobo wallet had raised $13 million in order to “support the global expansion” of the company’s “product lines.” They include a hot wallet and hardware wallet for cryptoassets.

Although many companies have been working on developing products and solutions that help users securely store their digital assets, Ledger remains the most established crypto hardware wallet provider.

In late October, crypto wallet and block explorer service provider, Blockchain, announced the launch of a new custom hardware wallet called “Blockchain Lockbox.” The cryptoasset wallet has been exclusively created for Blockchain wallet users by Ledger.