A digital Canadian bank is about to launch a cryptocurrency vault whose function is to protect digital currency investors from getting mugged by means of hacking.
The Canadian authorities were the first to take vigilant initiative after the Japanese cryptocurrency exchange Coincheck hack last month.
In recent past, there has been an increasingly high number of low and high profile cases of cyber criminal activities regarding digital currency.
The digital nature of crypto currencies signifies that many investors and traders of the digital currency are often vulnerable of becoming a victim of an online cyber attack.
The Canadian VersaBank has declared that a digital safety deposit box for cryptocurrencies is being prepared by them to protect against such attacks.
On one hand, technologically advanced infotech giants such as Japan and Canada are pushing cryptocurrency investors to invest more, countries such as India and South Korea have begun to restrict the growth of cryptos by introducing new legislations and laws.
David Taylor, the CEO and president of the bank, has high hopes from this new innovation which he believes will also help more people invest in cryptocurrencies.
This hack proof digital Bitcoin vault is just another step from Canada which seems to be trying to be the capital of cryptocurrencies.
