VersaBank, a technology-based and digital Canadian Schedule I chartered bank, has announced that it developing a blockchain-based vault to securely store digital property.

Called “VersaVault,” the blockchain-based digital safety deposit box will enable the bank’s customers to easily, safely and privately store their digital valuables, including cryptocurrencies, with the security and trust.

VersaBank has appointed Gurpreet Sahota as Chief Architect of Cyber Security. Sahota will lead a team of software engineers to design and develop VersaVault.

“VersaBank is a leader in the profitable application of innovative digital technologies to financial services and has already revolutionized digital lending and deposit taking. It is now time to turn our attention to building this new Blockchain based product that the world clearly needs,” David Taylor, VersaBank’s President & CEO, stated. “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.”

Previously Pacific & Western Bank of Canada, the bank rebranded as “VersaBank” in May 2016. Its headquarters are located in London and Ontario and it was granted its Schedule I license under the Bank Act (Canada) on August 1, 2002.