By: 15 June 2022

Jewel Bank has received approval from the Bermuda Monetary Authority

Digital-focused Jewel Bank launches in Bermuda

Jewel Bank, a new bank focused on digital assets, has launched in Bermuda.

The bank addresses “the core banking, payments, and settlement needs of many of the world’s largest global digital asset firms and exchanges, via API or web”.

Jewel Bank has received approval from the Bermuda Monetary Authority. Its initial focus will be servicing non-US domiciled or licensed firms and providing digital asset banking, payments, fiat on/off ramps, custody, crypto-collateralised lending, stablecoin issuance and real-time settlement services. 

The bank also plans to offer domestic retail banking services in Bermuda.

Chancellor Barnett, Jewel Bank’s founder, chairman and chief strategy officer, said in a statement given to Finextra: “Jewel Bank will serve as the bridge between the traditional fiat banking system and new digital asset rails in order to serve the high-volume payments and settlement needs of our large global clients, including crypto exchanges, with both traditional and stablecoin-based payments solutions.”

Image: Jewel Bank