Canadian digital Bitcoin vault to protect cryptocurrency investors from hacking. Coincheck, the cryptocurrency exchange which lost $500 million last month because of hacking brought to fore the risks of cryptocurrency investing. Ever since then different stakeholders are trying to make crypto investing more safer.
Versabank, which is a Canadian bank has finally made the breakthrough. It has created a digital safety box which is based on the blockchain. This safety box would be protecting the cryptocurrency Holdings of the investors.
According to the bank, the cryptocurrency Holdings are as valuable if not more as property papers, jewelry, family belongings. The problem is that keeping them safe is not that easy. If the cryptocurrency Holdings are kept in any vault which is connected to the Internet, it can be hacked. This is the reason why the bank has built a safety deposit box which is based on the blockchain.
According to the CEO of the bank David Taylor, this move would help Canada become a world leader when it comes to cryptocurrency security.
Currently, many countries are trying to gain the title of Bitcoin capital of the world or blockchain capital of the world. There are numerous companies which are building products on these platforms. This is the reason why there is no clear dominance currently in the cryptocurrency space.
Increasing hacking attempts:
Over the last 12 months as the value of cryptocurrencies has increased significantly, so have the hacking attempts. The amount which investors have lost due to hacking attempts is enormous as well. This is the reason why it is the need of the hour to find a secure solution for holding cryptocurrencies. The bank added that it would be providing the keys to the vault to the users. There would be no backdoor to the vault at all. This would ensure that users themselves are in complete control of the cryptocurrency Holdings.
Japan, as well as Canada, are in the race to prove to be an attractive destination for cryptocurrency investors. This is the reason why each and every innovation by both the countries is actually highlighted by the media.
On the other hand, countries like US, South Korea, China are making it difficult for the citizens to invest in cryptocurrencies or to trade in cryptocurrencies. It remains to be seen which country is able to don the mantle of the cryptocurrency leader or the blockchain leader. With the decentralized nature, the task of donning the mantle by a single country would actually be pretty difficult in the longer term.