VELOCITY LEDGER FINANCIAL PARTNERS WITH PRIME TRUST TO PROVIDE DIGITAL ASSET ISSUANCE AND CUSTODY
Velocity Ledger Selects Prime Trust as Preferred Custodian of Digital Assets out of Bermudan Exchange for the Issuance of Structured REIT and Investment Fund Tokens
NEW YORK CITY / HAMILTON, BERMUDA — February 27, 2019 — Velocity Ledger Financial, a technology solution supporting the institutional investment and trading processes for digital assets and security tokens, has selected Prime Trust as its preferred custodian. Through this partnership, Velocity Ledger Financial and Prime Trust will facilitate the issuance and custody of digital assets, supporting the growth of tokenized assets in the new digital economy.
Prime Trust is a qualified custodian that can hold cash and non-cash assets such as stocks, bonds, cryptocurrencies, tokens, real estate, and private business ownership interests. VL Financial has applied for a Digital Asset Business Act (DABA) license to operate a Digital Assets exchange in Bermuda, where it will operate issuance and secondary trading services for structured REIT and investment tokens. Issuers and investors in these assets will perform an automated registration with Prime Trust directly from the VL Financial platform to establish custodial accounts for investment operations.
“Velocity Ledger Financial is an institutionally focused marketplace for digital assets,” says Julian Jacobson, Chief Operating Officer of VL Financial. “The Exchange and Custodial functions are each independently regulated companies with their own enterprise level systems that interoperate around the use of private and public blockchains”. "We are excited to work with Velocity Ledger as they bring marketplace technology and tools to the emerging digital economy, paving the way for an exciting new future of liquidity options for tokenized assets of all types,” says Scott Purcell, CEO and Chief Trust Officer at Prime Trust.
Velocity Ledger Financial is expected to go live at the end of the second quarter of 2019.
About Prime Trust
Prime Trust is a regulated, chartered financial institution that as a Qualified Custodian provides custody of tokens, FIAT and other alternative and traditional assets, as well as funds processing, AML/KYC compliance, and transaction technology for the new digital economy. Its mission is to provide exchanges, portals, platforms, brokers, investment advisors, stable coins, and others with technology-driven, best-in-class solutions to seamlessly meet the needs of their businesses.
About Velocity Ledger
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.