VersaBank Subsidiary VersaVault Beta Testing Phase One of its Blockchain Based Vault Initiative to Securely Store Digital Property

VersaBank (TSX:VB) has announced that it is beta testing its initial phase of VersaVault, a blockchain-based vault initiative to securely store digital property.

As quoted in the press release:

VersaVault has been engaged with a number of key institutional customers, including cryptocurrency exchanges and cryptocurrency focused funds. This has allowed for a mutual sharing of requirements, so that the design of VersaVault’s secure service will deliver the specific needs required of our customers.

The VersaVault is now beta testing offline an initial release of its service, providing the needed security to our institutional customers’ cryptocurrency by leveraging VersaVault’s service to secure transactions. VersaVault’s integral use of strong security controls and methods, normally associated with banks and other security conscious organisations, helps provide a secure and trusted cryptocurrency co-signing, or multisignature, solution for customers.

The pilot is being conducted with institutional customers, made up of one crypto exchange and one crypto fund, who are looking to enhance their crypto-asset security protocols that are currently in place. This will also act as VersaVault’s initial internal pilot and test of the features for VersaVault’s upcoming secure, trusted, and private digital storage solution.

Click here to read the full press release.