Reltime receives crypto custodian License in El Salvador
Reltime PoA BaaS Ecosystem just received their crypto license in El Salvador to be able to hold digital assets for their client.
Reltime.com, a Norwegian and Salvadorean-based challenging BaaS provider is the first of its kind to accomplish that status, what now is “textually considered” a Bitcoin provider for the Republic of El Salvador in the registry of The Central Bank of El Salvador. Reltime is very bullish and supportive of the movement of El Salvador.
The Regulations of the Law establishes that Reltime has license to provide for itself or for third party services such as custodians, exchanges, payment processors and wallets.
In accordance with the Regulations of the Law, the following services can be provided by Reltime:
- Exchange: Defined as an Exchange House, whose usual activity is the purchase and sale of digital assets through an electronic platform or computer applications at prices determined by market supply and demand.
- Digital Wallet: Defined as a digital record of digital assets or dollars in favor of a natural or legal person, which will be provided through a digital platform.
- Custodian: defined as a person who provides custody services, on behalf of third parties of digital assets or of the means of access to the assets, in the form of private cryptographic keys.
- Bitcoin Service: defined as services related to bitcoin such as, but not limited to, custodians, exchanges and payment processors or wallets. Excluded from this definition are technology providers that do not maintain custody of their clients’ bitcoin or private keys.
Reltime provides digital banking as a service ‘BaaS’ to B2C and B2B with its proprietary eKYC, Joint Accounts, multi-currency deposits and a peer-to-peer borrowing and lending ecosystem.
All of these features are running in its own blockchain using PoA (Proof-of-Authority) consensus algorithm to provide state of the art financial grade performance.
Since Reltime is a dApp using its DLT, all of its functionalities are atomically available to build new dApps for tailored, white labeled solutions for financial institutions including biometric cards.
“Frode van der Laak – Founder, Inventor and CEO of Reltime stated, “Incorporating in El Salvador to support the Bitcoin movement was a no brainer for Reltime and it has already paid off. Reltime is the first Norwegian company that will provide to its full capacity many innovations to the financial sector of El Salvador, now that our Bitcoin license has been approved. We are building a special BTC focused adaptation of Reltime for El Salvador – but Reltime aims to provide a full spectrum of Neobank capabilities to the nation and more alternatives to BTC as the nation sets to embrace other cryptocurrencies. Reltime has big plans in El Salvador, and this is just the tipping point” .
ElSalvador was the first country to offer Bitcoin as a legal tender.