Velocity Ledger Receives Approval For ICO

April 10, 2019 | 2 Comments

Velocity Ledger Holdings Limited [VLHL] has been approved to conduct an initial coin offering [ICO] by the Ministry of Finance, the company has announced.

“VLHL is a Bermuda Company with two subsidiaries for which the ICO will fund operations: VL Financial and Velocity Ledger Technology Limited [VL Tech],” the company said.

“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 stake-holders. 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 David Burt 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.”

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Comments (2)

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  1. Issues alike says:

    2 things, 1. why did I have to hit the TECH option on the screen to see this. NO reports in the other media about this but all they can report is hyped up manufactured negativity about Fintech.
    2. Where are the Fintech haters i.e. the OBA and their trolls commenting on this? Nothing but SILENCE on both ends. The OBA knows how much Fintech will revolutionize the island and them and their online minions blatant attempts at sabotaging are CLEARLY NOT WORKING. I’m in school. Ow for IT in the United States. You have JP Morgan backing Fintech and rolling out their own form of cryptocurrency because as they said they couldn’t compete with the faster services blockchain technology had to offer. What lies are the opposition and their brood are going to come up with now to say otherwise?

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