Crypto enthusiasts in The Great White North, and worldwide, would now be able to “store” their crypto assets in a secure virtual deposit box, being offered by VersaBank, as VersaVault has finished the beta testing phase of the storage facility and would be available for commercial consumption soon, according to a press release.
The “box”, which was first announced by VersaVault in February earlier this year, initially is to target digital asset exchanges and funds as the clients for VersaVault. David Taylor, president and CEO of the VersaBank and VersaVault said that even though a lot of companies have the idea of a digital asset storage service in the pipelines and are attempting to gain footing in the crypto market, VersaBank has the first move advantage and that VersaVault would be the first of its kind to be launched a commercialized. He also mentioned that the service, at first, would be constricted to exchanges and crypto funds.
I am just delighted with the successful results of our strenuous beta testing. While many are considering ideas and plans for a digital safety deposit box, we have designed and built it, and are now commercializing a first of its kind service that provides our clients with the most sophisticated security and authentication technology available globally, in which our clients enjoy absolute privacy. The VersaVault will now begin rolling out services to cryptocurrency exchanges and crypto investment funds.
David Taylor, president and CEO of the VersaBank and VersaVault.
The service is said to be secure, as the host servers would be distributed throughout the world, and the special feature would be the lack of controls for the bank itself which may enable it to interfere and subsequently compromise the contents that clients keep in the safety deposit box. According to VersaBank, the service is designed in such a way that it is in line with the technological and efficiency requirements of crypto exchanges and funds, so that no compatibility issue or problems may arise. Said features would be able to ensure total privacy and security of the VersaVault and its contents, which would only be accessible and in the control of the respective clients.
The security protocols and measures can be accredited to Gurpreet Sahota, formerly of Blackberry, the chief cyber security architect for VersaBank. He joined VersaBank earlier this year, and has lead the group of engineers who has developed and refined the digital security deposit vault. Taylor, in January, announced Sahota’s inclusion and importance to the VersaVault project. He, then, also emphasized on the importance and utility of a digital vault, and hailed the concept and model as more secure and safe as compared to brick and mortar vaults which can be “drilled into”. He likened the characteristics of both kinds of vaults, while hailing the idea of digital vaults as better and effectively impregnable.
The vault, interestingly, can not only be used for digital assets, funds, and cryptocurrencies, but also for any valuable data in any digital format. Documents and files such as wills, nuptial agreements, contracts and deeds of critical importance, and photographs and other forms of digital media can be stored safely in the vaults, which are said to have “added degrees of security”. The digital vault can also be used by authorities, governments, and organizations to safely hold sensitive data and information, which would prevent leaks that jeopardize those bodies in one way or another (e.g. Panama Leaks of 2015), as the vault is blockchain based and externally impenetrable. The news of VeraVault’s introduction was met with positive response in the market when it was announced, as the financial performance enhanced, and the company’s stock price hit a half-year high of $6.12.