VersaBank Rolls Out Phase 1 of Blockchain-based Vault Initiative

Blockchain Investing

While it is in its first beta testing, VersaVault is the first-ever blockchain-based safety deposit box. The first round of testing is currently available to VersaBank’s institutional customers.

VersaBank (TSX:VB) is officially in beta mode with its phase one testing of its VersaVault, a blockchain-based vault which stores digital property in a secure manner for the company’s customers, it announced on Tuesday (June 26).

According to the announcement, VersaVault is currently beta testing in “offline mode” in the initial release and is currently being conducted with VersaBank’s institutional customers–comprised of one cryptocurrency exchange and one cryptocurrency fund–”who are looking to enhance their crypto-asset security protocols that are currently in place.”

VersaVault is the first-ever blockchain-based safety deposit box with its initial development first announced earlier this year by VersaBank.

David Taylor, president and CEO of VersaBank said in Tuesday’s announcement the institution is focused on beta tests with a crypto exchange as well as a crypto fund.

“It has been a natural evolution for VersaBank to build this new Blockchain based product that the world clearly needs,” Taylor said in the release. He added that with the rising popularity of bitcoin and other cryptocurrencies, it is easy for those assets to disappear from less secure digital storage options.

“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.”

In the company’s initial release stating the development of VersaVault, the purpose of of the vault will be to privately store “digital valuables,” including cryptocurrencies. Although no timeline has been detailed when it will become commercially available, the release indicated that VersaVault will become available to customers at a global scale.

Following Tuesday’s announcement, shares of VersaBank dipped from its high of C$7.12 to close at C$7, which is the same as its close on Monday (June 25).

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

Blockchain Investing