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.
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.