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