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Jan. 25, 2018

Canada-based all-digital bank VersaBank has annouis developing a blockchain digital safety deposit box to securely store digital property, Business Wire reports.

The blockchain deposit box, called VersaVault, will enable the bank’s customers to easily, safely and privately store their digital valuables, including cryptocurrencies, with the security and trust. The company said VersaVault will be made available to customers globally.

“Bitcoin and other cryptocurrencies are quickly gaining popularity and holders have already experienced their valuable holdings vanish from the less secure ‘digital storage’ options,” said David Taylor, VersaBank’s President and CEO.

“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,” he added.

VersaBank has tapped Gurpreet Sahota, formerly the principal architect of cybersecurity at smartphone maker Blackberry, to spearhead the project. Sahota will also act as the bank’s chief architect of cybersecurity.

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