Royal Mint In UK Enters Crypto Realm Offering Custodial Services for Temtum (TEM) Cryptocurrency
The Royal Mint in the UK, a 1,100 financial institution tasked with minting coins for the United Kingdom announced their plans to become a cryptocurrency custodian in the coming days. This becomes the first time the financial institution is entering into the cryptocurrency world following previous unsuccessful attempts.
The Royal Mint released an official press release confirming they will be the custodians of the temtum (TEM) cryptocurrency that is expected to be launched on Wednesday, July 17th. This becomes yet another government-related institution that is looking towards the cryptocurrency community after
The partnership between TEM cryptocurrency and Royal Mint will allow the financial institution to act as the “storage for temtum genesis private keys and currency reserve”. The reserve also plans to keep the original blockchain keys in its vault forever not to be retrieved by anybody.
The blockchain also improves the block confirmation times from legacy blockchain systems such as Bitcoin and Ethereum. In essence, TEM blocks have a processing time of 1 block every 12 seconds averaging about 5 blocks every minute compared to Bitcoin, which processes 1 block every ten minutes.
On its official site, Temtum writes it’s a blockchain that aims to provide a peer to peer trading system leveraging on the Temporal Blockchain network to create a “new world of financial freedom away from centralized institutions.” Furthermore, TemTum is set to provide a fee-less structure for transactions completed on the network.
Finally, Royal Mint Enters Crypto…
The Royal Mint seems to be finally realizing its dream to get into crypto after calling back its launch of Mint token, a gold-backed cryptocurrency. Despite the struggles along the way, the Royal Mint finally will be offering these custodial services for a cryptocurrency.
Investors interested in the TEM token can purchase it on CoinAll after they signed a strategic partnership with the TemTum development team.
The previous idea of launching the Mint token was blocked by a veto by the U.K government. Companies in the U.S, however, do not enjoy such straightforward listings and custodial services. Recently, the Securities and Exchanges Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) released a statement claiming having custody over the private key does not mean holding the crypto.