VersaBank Approaches Launch of Digital Vault with Two MoUs

Canada-based VersaBank is moving towards the launch of a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based vault to securely store the digital assets. As part of the development process, the digital-only bank signed on Monday two memorandums of understanding - one with a cryptocurrency exchange and the other with a cryptocurrency-based fund.

The bank did not disclose the names of either of the cryptocurrency firms at this stage.

Addressing this update, David Taylor, VersaBank President and CEO, explained the strategic importance of the memorandums.

He said: “This is an important step in our development of the VersaVault. There are two primary institutional holders of cryptocurrency assets, the exchanges and the funds. In connection with developing a product that meets with the seamless services that both exchanges and funds require, we have signed MOUs with one of each, which will provide us with the necessary feedback regarding what institutional digital asset holders require from our services, so that when we launch globally to the other exchanges, funds and numerous other digital asset holders, we will have a product that meets their specific needs, and one which provides for ease of use.”

Versabank first announced its digital storage service, called VersaValut, In January. As well as valuable crypto assets, it will be capable of holding digital assets like sensitive photographs and contracts.

The vault will work in a similar way to a safe deposit box, in that a given user will be the only one with access to the stored asset. The system will have multiple layers of protection from cyber-criminals. The increasing number of thefts from cryptocurrency exchanges will boost the demand for secure vaults such as this, VersaBank believes.

Mr. Taylor said in an interview: “Obviously, the value of those (Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term have been increasing dramatically, and it’s been attracting the attention of the modern-day bank robbers, modern-day thieves that have been finding their ways into these wallets.”