Velocity selects Prime Trust for custody services 27 February 2019New York Reporter: Jenna Lomax
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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.
Velocity and Prime Trust will facilitate the issuance and custody of digital assets, supporting the growth of tokenised assets.
Velocity has applied for a Digital Asset Business Act license to operate a digital assets exchange in Bermuda, where it will operate issuance and secondary trading services for structured real estate investment trust and investment tokens.
Issuers and investors in these assets will perform an automated registration with Prime Trust directly from the Velocity platform to establish custodial accounts for investment operations
Velocity Ledger Financial is expected to go live in Q2 2019.
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.
Julian Jacobson, COO of Velocity, said: “Velocity Ledger Financial is an institutionally focused marketplace for digital assets. 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.”
Scott Purcell, CEO and chief trust officer at Prime Trust, commented: "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 tokenised assets of all types.”
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