VersaBank develops “digital safe” blockchain service

nWalkout commentary: At present, cryptocurrency, while extremely popular and its holder is also increasing, but its storage security issues has been one of the main concerns. Some companies are also working hard to find out how to ensure storage security. VersaBank, a Canadian digital bank, recently announced that it has started the development of a blockchain digital safe in hopes of using this new technology to provide more secure, private storage services to cryptocurrencies and other digital asset holders.n
nTranslation: Inan
VersaBank, a Canadian all-digital bank, is developing a “blockchain-based digital safe” to use the technology to deliver new services.n
According to the bank’s announcement on Tuesday, the service, known as VersaVault, will function as a means of storing cryptocurrencies and other digital assets. This product represents an expansion of this Canadian bank that does not run any physical affiliate and focuses on deposits and financing. VersaBank was founded in the early 1980s and listed on the Toronto Stock Exchange.n
David Taylor, the bank’s president and chief executive, positioned the product from an asset-safety perspective and pointed out the cyber security challenge of dealing with cryptocurrencies.n
In a statement, he said:n
n”Bitcoin and other cryptocurrencies are rapidly gaining prominence and their owners have had their fortunes disappearing from less secure” digital storage. “n
nVersaBank has named Gurpreet Sahota, former chief architect of network security for smartphone maker Blackberry, the project. Sahota will also serve as chief security architect for the bank’s cybersecurity.n
Sahota said in a statement:n
n”Banks have long been considered the safest place to store valuable items, and our goal is to make VersaVault the safest place to protect your digital assets and provide absolute privacy.”n

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