VersaBank Inc. announced the intention to complete the creation of a digital storage for cryptocurrencies by June, the use of which will be available to customers from all over the world.
“We’re using what banks are all about — safety and security — only what we’re doing now is saying that physical box in the basement is getting obsolete,” David Taylor, chief executive officer of Canada’s smallest bank by assets, said in an interview at Bloomberg’s Toronto office. “Most people’s really valuable assets are contained in some sort of digital format, whether it be a deed or a contract or a cryptocurrency.”
The system development team is headed by Gurpreet Sahota, who previously worked for BlackBerry, the company that is considered to be the leader in the field of digital security. As in the situation with deposit boxes, the bank will not know what is inside the digital storage, which will be called VersaVault. Moreover, the bank will not have access to these assets.
Such systems are especially necessary on the background of the latest news about the theft of the cryptocurrency in the amount of more than $500 million from the Japanese exchange Coincheck.
VersaBank operates on a remote model — it does not have traditional branches, all services are provided online or through partners. The capitalization of the bank is 158 million Canadian dollars (126 million US dollars), the assets worth 1.73 billion Canadian dollars are under its management. The bank has about 80 employees.