Image via VersaBank corporate presentation.
A small Canadian lender is taking a bit step to become the world’s first bank to offer a digital safety deposit box for cryptocurrencies.
Through
VersaBank (T:VB, Forum)’s“Versvault”, users can store digital properties, such as keys, in a vault built on blockchain technology.
The vault will store digital assets on a secure global computer network. Much like a physical safety deposit box, VersaBank won’t know what the contents are inside the vault or be able to access them.
In an interview with Bloomberg, Company CEO David Taylor announced the service will be online by June 2018.
This technology comes as Japanese cryptocurrency exchange Coincheck recoups from an embarrassing hack where
$532 million (USD) in NEM coin was stolen last month. Coincheck officials admitted to media that they were oblivious as to how the hack was possible.
VersaBank was founded in 1980 in Saskatoon, Saskatchewan and is Canada’s first branchless, digital-only bank.