On Monday, Bermuda-based Jewel Bank announced Jewel Bank will create a stablecoin with full backing known as Jewel USD (JUSD). The bank will serve digital asset firms worldwide, providing basic banking, payments, and settlements, according to the press release issued June 7.
Jewel Bank received Bermudas Banking and Financial Services Authority (BMA) approval for a combined full banking license and Digital Asset Business Activity (DABA) license in June, and in the process, according to the bank, became the first new bank in Bermuda in 20 years, and the first to do so with a focus on digital assets.
In future, Jewel Bank plans to leverage the Polygon ecosystem to provide commercial and retail stablecoin-based payment solutions, including transactions between institutions and businesses, as well as payments among individuals. Chance Barnett, Founder & Chairman of Jewel, explained the stablecoin project and the Polygon Network Partnership will provide for the long-term development, safety, speed, and security of the bank’s first stablecoin.
According to Jewel, stablecoin operations and their reserves will undergo banking audits and regulatory supervision, updated on monthly and quarterly bases. Polygon is currently brokering trades in more than 20+ stablecoins using the L2 Scaling Solution on the Ethereum blockchain.
It’s been an eventful week for cryptocurrency. The Binance cryptocurrency exchange has seen net withdrawals in excess of $2bn worth of Ethereum-based tokens as of 12th Dec. The Dutch Central Bank, furthermore, has issued a warning against crypto exchange KuCoin for operating without registration in the Netherlands. The Dutch central bank said KuCoins Dutch subsidiary, EK Global Limited (MGL), does not have a legal registration in the Dutch National Bank.
Photo: Ola Bear
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