VersaBank, the smallest bank in Canada in terms of assets, has responded to the need of security of crypto-currencies by creating a digital vault. This device will be available by the month of June. The bank has recently recruited Gurpreet Sahota, an expert in cyber security of Blackberry Ltd, a company long considered a leader in encryption and security. Sahota will oversee the design of the “VersaVault” that will store the digital currency on the computer servers, according to Bloomberg.
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David Taylor, CEO of VersaBank, has stated that crypto-currencies to their customers will be saved in a certain type of digital format.
VersaBank will not be able to access or to know what contents are stored in the vault. Mr. Taylor stated that there is no way to open the safe. VersaBank provides a solution for major problems of security of crypto-currencies. Moreover, recently, Coincheck, a stock exchange of crypto-currencies japanese, has just been hacked. The company has lost more than $ 500 million.
Source : Public Domain Pictures. A safe for secure crypto-currencies.
Taylor said that the major players in the universe of crypto-currencies have shown their interest for this technology. The price of the service has not yet been announced, but Taylor said that it would be expensive.
Security, a major issue in the area of crypto-currencies
VersaBank is not the first company to respond to the need for security of digital assets. Xapo has already been proposed for about four years a storage solution for bitcoins. Goldmoney, a company that enables its clients to buy, sell and store your precious metals in seven countries, has begun to offer the same solution in September.
Shinhan Bank in South Korea said in November that he had the intention of creating a safe-deposit box for bitcoins by the month of June. With these devices, investors will be able to back up their digital currency safe.
Source : NCC