By NAN Staff Writer
News Americas, NEW YORK, NY, Thurs. Oct. 14, 2021: Get ready for the first digital asset bank in the Caribbean region.
Jewel has submitted its formal bank application with the Bermuda Monetary Authority (BMA) to become the first digital asset bank serving digital asset businesses and institutions globally.
They are seeking a license to operate as a combined full-service bank and digital asset bank. Jewel’s proposed product set includes Jewel as a bank issuer of USD and other single fiat currency stablecoins
Jewel said in a statement that its planned services will address the core banking and settlement needs of global digital asset firms including core banking, digital asset custody, crypto-collateralized lending, and traditional fiat and stablecoin payments.
As a full license Bermudian bank, Jewel says it will service both global firms (B2B), as well as provide retail services within Bermuda as required under Bermuda’s Banks and Deposit Companies Act.
The digital asset trading industry has continued to experience tremendous growth, with trading volumes reaching $2.1 Trillion on spot exchanges alone in May 2021, with an estimated 90% of this volume taking place on exchanges outside of the U.S.
Yet with this larger global market, non-US digital asset firms are underserved with respect to banking, and stable banking represents a key pain point for them.
Jewel says its focus is serving the needs of the firms that make up this larger global digital asset market with the missing banking and settlement infrastructure they need to de-risk their businesses and drive their growth.