Canada’s VersaBank declares 2 Prospects to Utilize its Crypto Vault
VersaBank, a digital-only Canadian Bank, is near to landing two clients for its cryptocurrency vault service.
The Bank declared on Monday that it had signed two Memorandums of Understanding (MOU) – one with digital currency exchange and other with a “cryptocurrency-based fund.”
Versa said in an announcement that the MOUs were planned to “facilitate discussions regarding VersaVault providing custodial services and piloting its blockchain based safety deposit box.” It didn’t identify either business.
The bank’s president and CEO, David Taylor, explained:
“In connection with developing a product that meets with the seamless services that both exchanges and funds need, we have approved MOU’s with one of each, which will provide us with the required feedback. So that when we launch globally to the other exchanges, funds, and numerous digital asset holders, we will have a product that meets their particular needs.”
The bank presented its digital property storage service, named VersaVault, in January and asserted at the time that it would give “absolute privacy” and security for digital valuables, namely cryptocurrencies.
VersaBank idea is to offer the service all around the world and told Bloomberg in January that is expected to roll out VersaVault in June.
The Bank said in its Statement, “Bitcoin and other cryptocurrencies are quickly gaining popularity and holders have already experienced their valuable holdings vanish from the less secure ‘digital storage’ options.”
Bank Continued stating:
“Banks have always been known as the safest place to store physical valuables, and it is the aim of VersaVault for providing the safest place to secure your digital valuables.”
VersaVault is the London, Ontario-based bank’s first foray into the crypto business. The bank has an “electronic branchless model,” and specializes principally in deposits and financing.