Velocity Ledger Technology Releases Testnet And Blockchain API

Blockchain, News | May 30, 2019 By:

FinTech firm Velocity Ledger Technology (VLT) has released its testnet and blockchain network API.

Earlier this year, Velocity Ledger Holdings Limited (VLHL), the parent company of VL Tech, received an approval from Bermuda’s Ministry of Finance to conduct an initial coin offering (ICO), which is currently underway and expected to run until July. At the time, the firm said that the money raised during the VL token sale will be used to fund the operations of its two subsidiaries, VL Financial and VLT.

In its latest announcement, the firm said that VLT is a private blockchain enabled platform for the generation of tokenized assets, secondary trading and settlement of trades. Companies seeking to issue digital assets can utilize the platform to conduct an ICO in Bermuda on a white label Software-as-a-Service basis. However, interested companies are still required to file independently and be approved by the Ministry of Finance and/or Bermudan Monetary Authority to comply with the BR 65 ICO Regulations of 2018.

“Participants interested in using the technology are required to purchase tokens and be stakeholders on the network,” VLT said. “Qualifying participants can purchase tokens directly from www.VelocityLedger.com. Token benefits include revenue sharing and monthly distribution of newly minted tokens to stakeholders.”

The testnet launch allows Bermuda-based companies to develop applications to integrate with the network for the issuance, trading and settlement of digital asset tokens. In addition to Bermuda, VLT is also planning to expand its operation in numerous jurisdictions including the US, Canada and Asia, and is expected to deploy its mainnet by Q3 2019.

““The Velocity Ledger Technology stack utilizes core components for matching developed by Fundamental Interactions over seven years and deployed globally by exchange operators and alternative trading systems,” said Julian Jacobson of Velocity Ledger. “Issued tokens can trade and then settle on the public network.”