VersaBank Launches Blockchain Vault for Cryptocurrency

VersaBank aims to design a blockchain based digital deposit box, so customers will be able privately store their digital valuables, including cryptocurrencies
25 January 2018   97642

VersaBank, a Canadian chartered bank, announced on Tuesday that it is developing a blockchain based vault initiative to securely store digital property and has hired Gurpreet Sahota as Chief Architect of Cyber Security.

Bitcoin and other cryptocurrencies 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.

 

David Taylor

President & CEO, VersaBank

Gurpreet Sahota has extensive experience in cyber security and is a global leader in this field, the company said. Gurpreet will also head up a team made up of software engineers, experienced in both the development and integrity of cyber security solutions, to design a blockchain based digital deposit box, called VersaVault, so customers will be able privately store their digital valuables, including cryptocurrencies.

The company added that the VersaVault will be available to customers globally.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   83

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.