VersaBank, a technology based chartered bank in Canada, has said that it is building a blockchain based virtual vault to store cryptocurrencies and other digital properties.
To lead this initiative, the bank has hired cyber security expert Gurpreet Sahota as chief architect of cyber security. He most recently served as principal architect of cyber security at Blackberry.
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Sahota, apart from being a cyber security advisor to VersaBank, will also lead a team of software engineers that will devise a new blockchain based digital vault.
The deposit box, to be known as VersaVault, is expected to be open to customers globally.
VersaBank president and CEO David Taylor said: “It is now time to turn our attention to building this new Blockchain based product that the world clearly needs. Bitcoin and other crypto currencies are quickly gaining popularity and holders have already experienced their valuable holdings vanish from the 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.”
