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Canadian bank plans to provide secure vault for Cryptocurrency

Pooja
Pooja

As per reports from Bloomberg, the Versa bank is planning to address security issues faced by crypto fans by providing digital safe. VersaVault, the device that will store digital currencies on computer servers is planned to launch by June of this year.

The design of this system will be done by Blackberry Ltd which is known for its security and encryption mechanism and the team will be lead by cybersecurity expert Gurpreet Sahota.

Details regarding the vault are explained in below video

 

As per David Taylor, CEO of VersaBank, the crypto-currencies of their customers will be saved in a certain type of digital format and bank authorities will not be able to access or know which contents are stored in the vault.

Taylors adds that this technology which enables safe and anonymous storage of cryptocurrency might draw the attention of many big players in the world. The price of the service has not been announced yet, but surely it would be expensive.

VersaBank is not the first company to address the need for digital asset security. Xapo has already proposed for about four years a Bitcoin storage solution. Goldmoney, a company that allows customers to buy, sell and store precious metals in seven countries, began offering the same solution in September.

Shinhan Bank in South Korea said in November that it intends to create a safe for Bitcoins by June. With these devices, investors will be able to save their digital currencies safely.

Source: CNN

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Pooja

Lead writer at Wolfcone.com and avid reader. My interests lie in everything and anything related to technology. I firmly believe cryptocurrency has the power to revolutionize world economy and blockc