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Jewel, a Bermuda-based digital asset banking platform that has applied for a combined full-service bank and digital-asset license in Bermuda, seeks to offer a full range of digital asset services to institutional clients including payments, banking, custody and lending. In partnership with digital asset compliance infrastructure provider Tokeny, Jewel will power real time settlement for digital asset institutions via its own bank issued USD stablecoin on the Polygon, the leading blockchain development platform, offering scalable and sustainable Web3 infrastructure.
Longer term, Jewel aims to offer a stablecoin-as-a-service solution to other digital asset and financial institutions B2B, allowing those businesses to provide cheaper, easier and near real time payments with stablecoins issued and redeemable directly at the bank level at Jewel.
As digital transformation flourishes across all industries and aspects of finance, banking, and payments, businesses are demanding payment solutions that are fast, inexpensive and programmable. Conventional payment systems are often fragmented and inefficient, creating a challenge for customers who trade and transact globally 24/7/365.
Jewel was an early driver for the use and acceptance of distributed ledger technology and stablecoins within banks tied to bank deposits. Today, Jewel’s bank direct approach is becoming an intelligent and appropriate risk-based approach that US and other regulators are now touting for the structure of stablecoins and their issuance and administration, as reflected in the Biden Administration’s recent Report on Stablecoins from the US President’s Working Group (stating their opinion that stablecoin should be issued by banks and other regulated deposit-taking institutions). This was then further defined under the Executive Order on Ensuring Responsible Development of Digital Assets. Jewel’s stablecoin, Jewel USD (JUSD) will eliminate the need for reconciliation and enable instant payments and transfers to members of its settlement network, “Jewel Settle”.
Our proposed banking license will allow us to service global firms from Bermuda as we issue fiat-backed stablecoins, first with USD and then a growing number of other proposed single fiat currency stablecoins globally. Through our partnership with Tokeny, we’re able to ensure compliant stablecoin issuance and management in a scalable and easy-to-integrate manner. As a result, we can devote most of our time and resources to further developing our business opportunities. We are already in discussions with exchanges, bank and non-bank financial institutions, and governments, and there is a considerable amount of interest in our offerings.
Jewel has chosen Tokeny, the leader in the tokenization field, as its technology partner to assist them with the issuance, transfer, and management of fiat-backed stablecoins on the Polygon Network. Through Tokeny’s API-based solutions, Jewel can issue ERC-3643 permissioned tokens, ensuring the necessary controls and compliance that are required by regulators.
We are pleased to provide our partner Jewel with a tailored technology solution, so they can focus on their core businesses without having to worry about technology. Together, we can transform the global payment system and accelerate the growth of the digital asset ecosystem.
