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 in the second quarter of 2019.