VELOCITY LEDGER HOLDINGS LIMITED RECEIVES APPROVAL FOR PUBLIC ICO FROM BERMUDA’S MINISTRY OF FINANCE
Funding from the offering will be used to build out a global blockchain network for the issuance, trading and settlement of digital assets
NEW YORK CITY / HAMILTON, BERMUDA — April 11th, 2019 - Velocity Ledger Holdings Limited ”VLHL” has been approved to conduct an initial coin offering “ICO” by the Ministry of Finance of Bermuda in accordance with the companies act of 1981. VLHL is a Bermuda Company with two subsidiaries for which the ICO will fund operations: VL Financial and Velocity Ledger Technology Limited ("VL Tech").
VL Financial is currently engaged in the application process with the Bermuda Monetary Authority (BMA), which regulates the financial sector, to obtain the required licenses to operate. Following approval by the BMA, VL Financial would operate a digital asset exchange in Bermuda supporting asset-backed investment and real estate tokens.
VL Tech is a private blockchain enabled platform for the generation of tokenized assets, secondary trading and settlement of trades. It is a comprehensive technology solution that operates as Software-as-a-Service (SAAS). Participants utilizing the technology will require token ownership.
VL tokens may be used for payment for licensing VL technology platform and services. Benefits include revenue sharing and monthly distribution of newly minted tokens to stakeholders. The VL token sale was approved on March 22, 2019 and is expected to commence in the middle of April, through July of 2019.
“Bermuda has adopted pragmatic, non-restrictive frameworks for digital assets that provide regulatory certainty to market participants,” said Shawn Sloves, CEO of Velocity Ledger. “Bermuda will be a focal point for blockchain initiatives globally.”
Premier, the Hon David Burt, JP, MP, said: “Velocity Ledger represents the exact kind of company that Bermuda is pleased to attract. They have a traditional finance industry pedigree and are building solutions for the institutional finance market. Their platform will showcase the potential of what Fintech and Bermuda have to offer. I am pleased that they have been granted a license to issue an ICO and will be proceeding to apply for a Digital Asset Business License. I look forward to them developing their business and creating jobs in Bermuda.”
About Velocity Ledger Technology
Velocity Ledger (VL) is a private blockchain enabled platform operated by Velocity Ledger Technology, Inc. which provides a platform for the generation of tokenized assets, secondary trading and settlement. Velocity Ledger Technology, Inc. is a comprehensive technology solution that operates as a service with tools to support the investment and trading process for Digital Assets and Security Token creation and cryptocurrency. Velocity Ledger’s objective is to provide Software-as-a-Service (SAAS) which will eventually result in greater liquidity, real-time market pricing, cost savings, and transparency. Velocity Ledger is primarily a technology service provider of infrastructure supporting regulated digital asset businesses but will also operate a licensed Digital Asset Exchange in Bermuda.