Velocity Ledger Technology Introduces Fintech-based Blockchain API and Testnet

Banking CIO Outlook | Friday, June 07, 2019

Fremont, CA: Velocity Ledger Technology (VLT), the Bermuda-based fintech firm, has introduced new blockchain network API and Testnet that can help in app development for insurance, digital assets, and trading sectors.

Bermuda, which has been gaining popularity as the world’s best jurisdiction to issue ICOs, STOs, NFTs and other digital assets, will serve as the best platform for the fintech company. Clients and customers can now avail the new services on a white label Software-as-a-Service basis, which is now approved by the Ministry of Finance or Bermudan Monetary Authority as per the BR 65 ICO Regulations of 2018.

Velocity Ledger Holdings (VLHL), the parent firm of VLT, had acquired the approvals for launching its initial coin offerings (ICO) earlier this year. Following the same, VLT has announced that companies with a requirement to issue digital assets can utilize the platform to conduct an ICO in Bermuda. Further, interested firms should also at the same time apply with the Ministry of Finance of Bermuda as per regulations, independently.

“Interested participants, for using this technology are required to purchase tokens, and become stakeholders with the network,” said a VLT spokesperson during the launch. They stated that qualifying participants can purchase tokens directly from website. Token benefits include monthly distribution of new coins to stakeholder and revenue sharing, added the official.

“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,” said Julian Jacobson from VLHL. Issued tokens can trade and then settle on the public network, he added.

In a bid to expand and promote the crypto and blockchain industry, the government of Bermuda had made few liberal legal amendments, opening up an avenue of opportunities for many companies. Even though at the initial stage, for now, the VLT platform aims to expand to other nations like the United States, Canada, and Asia, while deploying its main net by the end of this year.

See Also: Financial Services Review

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