VersaBank Inc., an online Canadian bank known for being ahead of its time, is making final preparations for the imminent launch of the world’s first bank-provided safe deposit box for cryptocurrencies.
VersaBank, led by its visionary CEO David Taylor, was Canada’s first online-only bank. No bricks. No mortar. No branches. This seems completely normal in the current day and age, however, Mr. Taylor did this in the early 1990’s. Google didn’t exist. Nor did Amazon, Facebook, Twitter, eTrade, and all the other online service providers we take for granted today.
As a matter of fact, the internet itself was barely in its infancy in 1993 when Mr. Taylor reconfigured the existing Pacific & Western Bank, a small trust company with six branches, into a branchless bank based solely on online banking. This was a full year before one of the web’s first widely-used browsers, Netscape Navigator, was released.
To say that Mr. Taylor had an eye for the future is an understatement.
Today, Mr. Taylor’s VersaBank finds that there’s plenty of company in the field of online banking. Apparently following the words of Buckminster Fuller, who said, “You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete,” Mr. Taylor is again envisioning the future and attempting to build a new model for the world of online banking.
Safe Deposit Box for Cryptocurrencies
Under Mr. Taylor’s leadership, VersaBank is mere days away from launching the world’s bank-provided safe deposit box for cryptocurrencies, named Versavault.
Unlike traditional safe deposit boxes, VersaBank will not have any access to the contents of the box. VersaVault will simply be providing a safe storage facility for customers to hold their digital valuables in.
Many early cryptocurrency proponents envisioned a world of peer-to-peer financial transactions devoid of banks. Those early cryptocurrency innovators find the idea of keep one’s digital currency in a bank to be the antithesis of Satoshi’s vision as described in the original Bitcoin whitepaper.
VersaBank does not see it that way. Believing that the masses have been conditioned over the decades that the safest place to keep one’s money is in a bank, VersaVault envisions cryptocurrency deposits at banks to be the norm as the world transfers from the old monetary system to a new, cryptocurrency-based one.
They very well could be right.