Jewel Bank, a new digital asset bank, launches in Bermuda
Jewel Bank, Bermuda’s first digital asset bank, has been launched in the country with core banking, lending, custody, fiat ramps and stablecoin offerings via API.
BitBull Capital invested an undisclosed amount in Jewel Bank’s Series A round in 2022.
Recently, Jewel Bank was also issued a full bank licence and DABA licence (digital assets) by the Bermuda Monetary Authority.
Jewel Bank plans to expand and grow its operations on digital assets custody, stablecoins, collateralised lending as well as settlement exchange.
“We built Jewel Bank digitally native from the ground-up with a singular focus on being the bank of choice for the world’s largest digital exchanges, institutional investors, market makers and prop trading firms,” the firm says.
“These customers have specialised needs that are not being met by traditional banks due to legacy technology, outdated business practices, and a lack of digital asset solutions,” it adds.
According to Jewel Bank, Bermuda has globally recognised compliance standards for anti-money laundering and anti-terrorist financing and a favourable regulatory environment for digital asset enterprises.
Based in Hamilton, Jewel Bank aims to kickstart operations in September this year, pending remaining regulatory approvals.