The smallest Bank of Canada – VersaBank announced about the creation of digital storage for cryptocurrencies. New service will be launched in June.
“We offer the same, as all banks — safety and reliability, but we consider that the big physical safe in the cellar is old-fashioned. The majority of the most valuable assets is kept in a digital format today, whether these are documents, contracts or cryptocurrencies.”
— noted the executive director of VersaBank, David Taylor.
For working on a new service the bank employed the expert from BlackBerry – Gurpreet Sahota — he will lead the team of developers of virtual storage VersaVault by means of which digital assets will be stored on servers worldwide. As well as in a case with physical cells, the bank won’t know what’s inside. Besides, the financial institution will even have no access to contents of storages.
According to Taylor’s words, interest to their innovation was already shown by large funds. The service cost in bank was not determined yet, but it will “be expensive”.