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Canada: VersaBank all set to launch Uncheckable ‘Deposit Box’ for Cryptocurrency

Bank of Hodlers

VersaBank confirmed, in a press release on November 8th, that one of its subsidiary financial institutions had finished the testing of a ‘digital vault’ for storing cryptocurrency.

The ‘digital safety deposit box’ was announced by VersaVault in February, and is aimed at attracting crypto exchanges and funds as clients for the new tool.

The cryptocurrency storage provided by the product is on servers dotted throughout the world. The bank itself can neither use brute force to open the ‘digital boxes’ nor know its contents.

Commenting on the product in the press release, CEO and President of VersaBank and VersaVault, David Taylor said, “While many are considering ideas and plans for a digital safety deposit box, we have designed and built it, and are not commercializing a first of its kind service.”

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