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Oct 14, 2021, 08:05 ET Jewel Submits Bank License Application As First Digital Asset Bank In Bermuda To Serve Global Clients With Digital Asset Banking and Stablecoin Payments Infrastructure

A key focus of Jewel's banking infrastructure is to fill the gap in the global non-US digital asset trading market for modern digital asset banking and DLT-based settlement that underlies the large global trading volumes. To deliver on this, Jewel's proposed product set includes Jewel as a bank issuer of USD and other single fiat currency stablecoins, enabling Jewel clients to settle and manage liquidity with trading partners within the bank in real time. Today no significant blockchain-based settlement solutions like this exist for non-US banking clients, in light of the estimated 90% of global digital asset trading volumes taking place outside the US. 

Jewel leadership chose Bermuda as the optimal non-US jurisdiction for its global digital asset bank due to Bermuda's existing DABA¹ digital assets framework under a single regulatory body (unlike the US), the sophistication of the Bermuda Monetary Authority regulator, Bermuda's top global standing in compliance and AML as evidenced by its recent FATF rating² Bermuda's prior commitment to accept single USD fiat-backed stablecoins like USDC for payment of taxes and government services, Bermuda's history as a leading global financial services center in insurance and reinsurance, and support and innovation from the top levels of leadership in Bermuda including its driving force Premier David Burt.

Premier Burt said, "Bermuda is excited to continue to grow and expand its financial services sector, and the introduction of Jewel as Bermuda's first dedicated digital asset bank can provide the critical infrastructure to further drive the growth of Bermuda's digital asset economy and meet the growing demand for digital asset banking services globally and within Bermuda. We look forward to having Jewel as part of the evolving Bermudian digital asset ecosystem, and I congratulate the Jewel team on reaching this milestone."

About Jewel
Jewel is a proposed full license bank in Bermuda serving digital asset businesses globally with banking and payments infrastructure on both traditional and distributed ledger rails including: core banking, lending, custody, and fiat/stablecoin payments system over a single API. https://www.dltjewel.com Jewel's leadership team brings a depth of banking and digital asset sector experience from firms including Visa, IBM, Silicon Valley Bank, R3, Wells Fargo, and Square 1 Bank.

¹ Digital Asset Business Act 2018
² Bermuda FATF Mutual Evaluation Report

SOURCE Jewel

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