Blockchain Vault Developed By VersaBank

Announcements, Blockchain | January 25, 2018 By:

Canada-based all-digital bank VersaBank is developing a blockchain digital safety deposit box to securely store digital property.

VersaBank, formerly Pacific & Western Bank of Canada, is a Canadian chartered bank that was founded in Saskatoon, Saskatchewan in 1980 as a trust company. On August 1, 2002, it was granted a Schedule I Canadian chartered bank licence by the Canadian federal government, the first in approximately 18 years. The bank is publicly traded as VB on the Toronto Stock Exchange.

The blockchain deposit box, called VersaVault, will enable the bank’s customers to easily, safely, and privately store their digital valuables, including cryptocurrencies, with the security and trust. The company said VersaVault will be made available to customers globally.

VersaBank hired Gurpreet Sahota as Chief Architect of Cyber Security. Sahota was most recently employed by Blackberry as Principal Architect of Cyber Security. He will lead a team made up of software engineers to design VersaVault.

“Banks have always been known as the safest place to store physical valuables, and it is our aim to make VersaVault the safest place to secure your digital valuables, with absolute privacy,” said Sahota.

“Bitcoin and other cryptocurrencies are quickly gaining popularity and holders have already experienced their valuable holdings vanish from the less secure ‘digital storage’ options,” said David Taylor, VersaBank’s President and CEO. “Banks have always been known as the safest place to store physical valuables and it is our aim to make VersaVault the safest place to secure your digital valuables with absolute privacy.”