Jewel, a Bermuda-based digital asset banking platform, today announced a partnership with Tokeny, a blockchain asset compliance infrastructure provider.
Through this partnership, Jewel will power real-time settlement for digital asset institutions via its own bank-issued USD stablecoin on Polygon, the popular blockchain development platform, providing a scalable and sustainable Web3 infrastructure.
Recently, Jewel applied for a combined full-service banking and digital asset license in Bermuda and seeks to offer a range of services to institutional clients, including payments, banking, custody and lending.
Longer term, Jewel aims to offer a stablecoin-as-a-service solution to other digital assets and B2B financial institutions, enabling these businesses to provide cheaper, easier, and near real-time payments with stablecoins issued and redeemable directly at the bank. level through Jewel.
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 Bermuda businesses as we issue fiat-backed stablecoins, first with US dollars, and then an increasing number of other single fiat currency stablecoins offered in the world. Through our partnership with Tokeny, we are able to provide compliant issuance and management of stablecoins in a scalable and easy-to-integrate manner.
– Chancellor Barnett, Founder and Chairman of Jewel
Jewel chose Tokeny, the leader in tokenization, as their technology partner to help them issue, transfer and manage fiat-backed stablecoins on the Polygon network.
Using Tokeny’s API-based solutions, Jewel can issue ERC-3643 authorized tokens, ensuring the necessary controls and compliance required by regulators.
“We are delighted to provide our partner Jewel with a bespoke technology solution, so that they can focus on their core business without having to worry about technology. Together, we can transform the global payment system and accelerate the growth of the digital asset ecosystem. »
– Luc Falempin, CEO of Tokeny