VersaBank, a technology-based and digital Canadian Schedule I chartered bank, has announced that it’s subsidiary VersaVault has signed two memorandums of understanding (MOUs) with a cryptocurrency exchange and a cryptocurrency based fund.

Earlier in January, the bank announced “VersaVault” – a blockchain-based vault to securely store digital property. The MOUs are aimed at facilitating discussions regarding VersaVault providing custodial services and piloting its blockchain based digital safety deposit box.

“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,” David Taylor, VersaBank’s President & CEO, stated.

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.

“Banks have always been known as the safest place to store physical valuables and it is the aim of VersaVault to provide the safest place to secure your digital valuables, with the privacy and trust that comes with a Canadian chartered bank. It is anticipated that the VersaVault will be available to customers globally,” VersaBank said in a statement.