Velocity Ledger Technology (VLT), a Bermuda-based startup announced on Tuesday, the release of its testnet and blockchain network API, which will allow users to issue, trade, and settle digital asset tokens.
According to a press release shared with Coinfomania, the VLT platform is a complaint platform that is designed for the issuance, trading, and settlement of digital assets in Bermuda.
Velocity Ledger Technology is reportedly gaining traction as the “world’s best jurisdiction” for issuing digital assets such as ICOs, STOs, NFT, and others. The VLT platform, which is expected to launch its main net by Q3 2019, is also available to businesses in regions like Asia, Canada, and the US.
With the release of the testnet, participants can have early access to the VLT core API with a blockchain viewer app integration and a traditional web portal. This opportunity will allow companies to conduct an ICO in Bermuda on a “Software-as-a-Service basis.”
However, companies must first seek the approval of the Ministry of Finance or Bermudan Monetary Authority in order to comply with the ICO regulations in the country issued last year.
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, said Julian Jacobson of Velocity Ledger Technology.
Bermuda is fast becoming one of the most crypto and blockchain friendly regions in the world. In January, the country stated that it is planning to increase its support for digital currencies and blockchain projects, by providing a special cryptocurrency bank.
In an attempt to mitigate the banking problem faced by crypto related business in the Bermuda, New York-based Signature bank announced in March that it would provide banking services to all licensed crypto companies in the country.