Jewel

A significant milestone was achieved in June 2022, when Jewel Bank received a combined full banking license and a Digital Asset Business (DABA) license from the Bermuda Monetary Authority (BMA). This dual licensing makes it the first new bank in Bermuda in over two decades and distinguishes it as the jurisdiction's inaugural digital asset bank. The strategic choice of Bermuda was influenced by its clear regulatory framework for digital assets under a single authority and its high standards in global compliance and anti-money laundering (AML) measures.

The bank's business model is primarily business-to-business (B2B), targeting non-US domiciled digital asset firms, including cryptocurrency exchanges, institutional investors, market makers, and OTC trading firms. It aims to address a critical market gap for these international firms, which are often underserved by traditional banking. Revenue generation is expected from a suite of services including core business banking, crypto-collateralized lending, and fees from its fiat on/off ramps and custody solutions.

Jewel Bank's core product offering is a comprehensive, API-driven platform that integrates fiat and digital asset services. Key features include business checking and wire transfers, multi-currency accounts (USD, EUR, GBP, CHF), and access to global payment rails like Fedwire, SWIFT, and SEPA. A central component is the issuance of its own bank-backed, fully reserved stablecoins, starting with Jewel USD (JUSD), which will be audited and pegged 1:1 with the U.S. dollar. The bank also plans to offer "Stablecoins-as-a-Service," enabling other financial institutions to issue stablecoins using Jewel's regulatory and technology stack. Another key service is the Jewel Settle network, a real-time, 24/7 settlement solution for intra-bank transfers between clients, designed to reduce the friction of traditional settlement processes. Although fully licensed, the bank has experienced delays and as of May 2024, was still working toward regulatory approval to become fully operational.