VersaBank, the first fully digital bank in Canada, announced that the infrastructure of its subsidiary VersaVault, developed with cryptoactive technology to safeguard digital ownership, enters its commercialization phase once the beta tests of the safe have been successfully completed.
The announcement was made by the company on its official website, where it is explained that the first phase of the implementation will consist in providing digital and multifirm security services to the cryptocurrency exchange houses, in addition to investment funds based on cryptoactive.
The beta tests of this security box were carried out starting last January, with the participation of a change house and a fund of cryptoactives, which were not identified in the press releases. The project was developed by the expert in cybersecurity, Gurpreet Sahota.
The objective is to offer crypto bags a custody service, which uses distributed accounting technology, according to the company. However, although details are given about the possibility of making multiple signatures of the operations, it is not indicated who will validate the registered information, reason why it is presumed that it is rather a database managed by the company.
In this regard, the developers focused on ensuring that the design of VersaVault meets the specific requirements of exchange houses and funds that handle crypto-active, trying to combine security and privacy solutions that were important for members of that sector.
In this sense, the firm adds that only the client will have knowledge of the contents in the receipt and will have access to what is in the vault, with the guarantee of the entity.
On this, the president and chief executive of VersaBank, David Taylor, highlights the fact of having completed the project, in addition to the new security vault is created and managed by an authorized bank in one of the most reliable financial markets in the world.
¨While many are considering ideas and plans for a digital safe, we have designed and built it, and now we are marketing the first service of its kind that provides our customers with the most sophisticated authentication and security technology available throughout the world. world, in which our clients enjoy absolute privacy¨.
However, other financial institutions also have plans to offer this type of custody service for the cryptoactive ecosystem, such as the British security firm G4S, known for its banking protection and securities transport services, which it announced last October. that will offer a new service for the safekeeping of cryptocurrencies in offline vaults.
The idea is also managed by the US banking group Citigroup, which is developing a cryptoactive custody system based on a financial product aimed at institutional investors, in order to enter the crypto market. The plan is to provide large Wall Street investors with a structure to negotiate with cryptocurrencies, within the existing regulations.
For its part, the financial services firm Fidelity will offer in 2019 cryptocurrency management and custody services for institutions, as will the BitGo security and multi-sign portfolio startup, which received an authorization to support more than 75 cryptocurrencies and tokens, using their cold storage in bank-type vaults.
Cryptoactive custody services have been expanding within the ecosystem, taking into account that exchange houses have seen their security requirements grow, which depend on cryptoactive storage services. This in the context of the rise of cyber attacks, which this year have experienced an increase of more than 50%, where the crypto bags has been the main target.
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