Published On: Wed, Feb 7th, 2018

Small Canadian Bank VersaBank Creating Private Safety Deposit Boxes for Crypto

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With a BlackBerry cybersecurity expert on board, small Canadian bank VersaBank prepares to offer digital vaults for secure cryptocurrency storage.
Size Doesn’t Matter
VersaBank Inc. may not be the largest bank in Canada, but they’re looking to lead the charge in securing your cryptocurrency holdings. Based out of the city of London, Ontario, the bank plans to launch their digital vault by June, and customers from all over the globe are invited to open accounts.
CEO David Taylor told Bloomberg’s Toronto office that wealth security is rapidly changing, stating:
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 contained in some sort of digital format, whether it be a deed or a contract or a cryptocurrency.
VersaBank is currently Canada’s smallest bank by assets but looks to give the country’s Big 6 a run for their money.
VersaBank’s announced plans come at a time when secure cryptocurrency storage is needed, with large-scale hacks and crypto theft taking place …

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