Jewel, a proposed bank, hires new CEO, aims to issue stablecoin globally

Jewel, a proposed bank from Bermuda, hired Nick Lepetsos, a former First Western Trust Bank member, as its Chief Operating Officer. The reason behind this action is simple, i.e., the proposed bank wants to test the waters of blockchain-based currencies. 

With the humongous expansion of cryptocurrencies, most banks have attained a negative stance on these assets. On the other hand, Jewel is looking to get a license from the Bermudian government to provide banking services in the British island territory. 

If the license gets an OK from the monetary authorities, Jewel will have the authority to provide banking services as well as issue its own stablecoin in the region. Furthermore, it can also provide crypto-collateralized lending, along with acting as a custodian for blockchain-based assets. 

Jewel aiming for a launch during Q1 2022

The goal of the founder as well as the chairman of Jewel, Chancellor Barnett, is to set his plans in motion by early 2022.

The new CEO of the proposed bank, Nick Lepetsos, said in a statement, 

“What I really want to do for Jewel going forward is to be the person that can be in that mesh point between the traditional fiat currency commercial banking business and the digital asset business, both of which are important.”

Barnett, in a statement, said that he feels pretty confident of the new development and that the monetary authorities of Bermuda were not surprised with this new initiative. Therefore, everything looks good for Jewel.

Banks exploring opportunities in crypto space

While Chinese banks have been against cryptocurrencies and stablecoins, Jewel, a proposed bank, is acting the opposite way. Following these footsteps, banks from other countries are also looking to provide digital asset services and adapt to the changing market. 

Back in the year 2020, the monetary authority in the U.S.A. allowed banks to be the custodian of their customer’s cryptocurrencies. Also, the Deutsche Bank is looking to explore options into the crypto space and is looking to offer crypto custodial services. 

Like Jewel, Swiss bank SEBA also applied for the license and can now offer its customers crypto-related services.