Cryptocurrency news: Canada build digital Bitcoin vault to protect investors from hacking | City & Business | Finance

It comes after last month Japanese cryptocurrency exchange Coincheck announced it would have to pay back more than £300million to customers after their system was hacked, affecting 260,000 customers.

Now, Canadian bank VersaBank has announced they are setting up a “Blockchain-based digital safety deposit box” for digital currencies to protect investors from such attacks.

Announcing their brand new vault, VersaBank said: “Your digital assets are just as valuable as any family jewellery, property deed or stock certificate, but protecting them isn’t nearly as simple.

“No storage device or commercial cloud service is completely safe, and most blockchain-based secure storage is only for crypto-currency and offered by companies you’ve never heard of, in places you don’t know.

“Like a safety deposit box, only you have access to what’s inside, and like a safety deposit box, it’s been built by an institution you can trust to be there for the long run.”

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