March 28, 2024 4:10 PM

VersaBank launches vault storing system for digital coins

VersaBank is making its first steps into the cryptocurrency market by offering a service that guarantees secured safekeeping.

/ Published 5 years ago

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The cryptocurrency market is once again on the rise after seeing a dip in transactions these past months. The new upward trend is not caused by major movements in the price of the top coins however. More major firms are beginning to showcase their interest in the market and Canada’s VersaBank is one of the latest entries.

As one of Canada’s smallest banks, VersaBank is hoping to get a massive boost with the introduction of a new virtual currency vault storing system. This allows the company to not only handle digital coin storage, but it also allows it to expand its market share with services to the cryptocurrency sector.

The venture is done in partnership with VersaBank’s subsidiary, VersaVault. The bank says that VersaVault has recently finished its beta testing for the digital safety deposit box, and it is now initiating commercialization of the service. The commercialization will be done in several phases, the first being focused on providing digital safe keeping and multi-signature services for exchanges and investments in the cryptocurrency market.

VersaBank and VersaVault CEO and President David Taylor says that he is happy with the results of the beta testing. He adds, “While many are considering ideas and plans for a digital safety deposit box, we have designed and built it, and are now commercializing a first of its kind service that provides our clients with the most sophisticated security and authentication technology available globally, in which our clients enjoy absolute privacy.”

DMG Blockchain Solutions opens massive crypto mining facility

VersaBank’s new service arrives with perfect timing as the market for cryptocurrencies in Canada is expected to grow further as the nation secures better mining solutions.

bitcoin
Canada is slowly but surely becoming a key player in the cryptocurrency market. (Source)

DMG Blockchain Solutions’ promised Bitcoin mining facility in British Columbia, Canada, is now fully operational. The facility occupies 27,000 sq. ft. and runs at 60 megawatts initially. Its processing power will be notched up to 85 megawatts in the future. Keeping in line with Canada’s standards on sustainability, the facility will run purely from energy generated through hydroelectricity.

The company behind the facility also promises that it will not disenfranchise the local community of their energy needs, which as been a major issue for crypto mining companies setting up shop in communities. It says that the power of the facility is enough to power 50,000 homes but it produces it independently.

Canada is slowly but surely becoming a key player in the cryptocurrency market. Recent developments made by banks and mining companies could pique the interest of investors in the region. It could also push more firms into stepping out of their comfort zone just to get into the world of cryptocurrencies.

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