Vaultbank Exchange Announces Beta Launchbr>
Decentralized exchange Vaultbank has announced the beta launch of its platform. Built on Stellar technology, the exchange supports trading of security and utility tokens as well as traditional investment securities like mutual funds.
Vaultbank, part of a group of companies incorporated in Singapore as Vaultbanc Plc. and headquartered in San Francisco, is dedicated to building Dapps and bringing securities to the global markets. It is led by Austin Trombley, Chief Technology Officer, Christopher Cummock, Managing Director and Founder of Cummock Asset Management, and Stuart Shelley, Chief Operating Officer and Former Principal at Bank of America.
The company claims that the Vaultbank Exchange will be the first securities compliant platform that performs know your customer (KYC), anti-money laudering (AML), Foreign Account Tax Compliance Act (FATCA) and accreditation.
Vaultbank Exchange will allow investors to buy, sell, and trade a range of tokenized securities and assets, including mutual funds and hedge funds. To ensure the platform is not susceptible to attacks, Vaultbank will give traders control over their private keys and will require triple-factor authentication.
“Security tokens are the future of cryptocurrency investing, and we’re building a powerful ecosystem to support this evolution,” said Trombley. “The beta launch of our decentralized Vaultbank Exchange is one of the first steps in our roadmap, and we look forward to feedback from our investors and community as we continue to build the Vaultbank suite of services.”
Vaultbank will also run an investment fund that will serve as the main asset-backing for Vaultbank’s VB token. The VB token public initial coin offering (ICO) started on February 17. It is also developing a debit card program to enable spending of select leading cryptocurrencies at competitive industry rates on major global currencies. All crypto to fiat transactions would be completed through the Vaultbank Exchange, reducing potential issues with card processors.