VersaBank has announced its intentions to create the banking world's first blockchain encrypted "safety deposit box". Customers will be able to use the vault to safely store digital assets such as deeds, contracts, and cryptocurrencies.

VersaBank is a schedule-1 chartered bank based in Ontario, Canada, specialising in digital banking. It is relatively small, with a market value of £126m (USD). Nonetheless, in 2017, they outperformed the traditional banking sector with growth of 19% compared to 11% for the banking sector.

VersaVault intends to capitalise on the digital assets market. Helping to create the digital vault is Gurpreet Sahota, an ex-BlackBerry cybersecurity specialist. BlackBerry was widely considered a global leader in encryption and security technologies. Like physical safety deposit boxes, VersaBank will not have access to the content of the vaults. Furthermore, the vaults will exclude backdoor access methods.

While some organisations offer similar services, most are linked to cryptocurrency exchanges and are considered vulnerable to cybersecurity threats. Due to volatility in the market and security issues, the global banking sector has an aversion to cryptocurrencies. At present, no banks offer digital vault services; VersaVault will be the first.

VersaVault has announced a tentative release date of June 2018. Digital vaults will be available to customers from around the globe. The pricing structure has yet to be announced but is likely to be pricey.