Jewel, a Bermuda-based digital asset banking platform, announced today a partnership with Tokeny, a blockchain-asset compliance infrastructure provider.
Through the partnership, Jewel will power real-time settlement for digital asset institutions via its own bank-issued USD stablecoin on the Polygon, the popular blockchain development platform, offering scalable and sustainable Web3 infrastructure.
Recently, Jewel applied for a combined full-service bank 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 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 via 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 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.”
– Chancellor Barnett, Jewel Founder & Chairman
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.”
– Luc Falempin, CEO at Tokeny
Source: https://www.cryptoninjas.net/2022/05/16/jewel-chooses-erc-3643-and-tokeny-platform-to-issue-stablecoins-on-polygon/