Bermuda’s Velocity Ledger Technology (VLT) Opens Crypto Asset Trading Blockchain API and Testnet
In a press release, Velocity Ledger Technology (VLT) confirmed that they have launched a testnet and blockchain API for trading digital assets in Bermuda.
Velocity Ledger is a private blockchain ledger targeting inefficiencies in the new issuance, secondary trading, and settlement for digital asset tokens, OTC digital currencies, and select real estate products. The platform will provide a technology services solution for security sponsors, real estate sponsors, market makers and merchant banks with distributed ledger-based new issuance, tokenization and trading solutions for Investment Products, Securities, and OTC Digital currencies.
The group utilizes Ethereum’s ERC20 protocol to tokenize and maintain a dynamic real-time ledger of securities and digital assets as well as its own network utility token which will support new issuance and electronic secondary trading. Velocity Ledger will become a cross-platform network of tokenized assets designed to manage ledger operations for digital assets.
Julian Jacobson of Velocity Ledger said:
“The Velocity Ledger Technology stack utilizes core components for matching developed by Fundamental Interactions over seven years and deployed globally by exchange operators and alternative trading systems. Issued tokens can trade and then settle on the public network.”
Participants interested in using the technology are required to purchase tokens and be stakeholders on the network. Velocity Ledger Holdings Limited ”VLHL” has been approved to conduct an initial coin offering “ICO” by the Ministry of Finance of Bermuda. The VL token sale was approved on March 22, 2019, and is currently underway.
Bermuda’s premier, the Hon David Burt, JP, MP, said:
“Velocity Ledger represents the exact kind of company that Bermuda is pleased to attract. They have a traditional finance industry pedigree and are building solutions for the institutional finance market. Their platform will showcase the potential of what Fintech and Bermuda have to offer. I am pleased that they have been granted a license to issue an ICO and will be proceeding to apply for a Digital Asset Business License. I look forward to them developing their business and creating jobs in Bermuda.”