Announced June 20th 2019, Velocity Ledger has selected HCL Cyber Group to provide a suite of security solutions. Through the deal, Velocity Ledger has licensed the Helical information security management suite and HCL Cyber Group will provide security consulting services.
Velocity Ledger and HCL Cyber Group’s Partnership Explained
Velocity Ledger is a developing platform featuring a private blockchain which allows for the tokenization of assets, secondary market trading, and settlement.
The company was incorporated in 2018 and aims to launch the security token issuance platform and digital asset exchange at some point in the future.
Velocity Ledger recently announced a deal involving HCL Cyber Group to handle their platform’s various security needs.
These will include exchange level cybersecurity compliance of digital assets, automated investor verification, reporting tools, as well as assessment, protection, and remediation of information.
HCL Cyber Group has previously delivered services in the regulated financial industry.
Velocity Ledger COO Julian Jacobson commented on the announcement:
“Our regulators and clients expect us to implement information security best practices. The HLC Cyber Group provides a unique blend of exchange-level cybersecurity compliance, digital asset, and practical information security experience. Their Helical Dashboard has powerful capabilities that simplify automated verification of our security policies across physical and virtual devices, provide actionable intelligence respecting our information security program, and enable robust reporting.”
HCL Cyber Group Executive Director Anant Naganathan also provided comments:
“We are looking forward to building our partnership with Velocity Ledger, a leader in the digital asset issuance and trading space. Their commitment to investor and issuer protection extends to ensuring the security of their subscribers and we are excited that they have chosen us to advance that commitment.”
Bermuda recently approved its first-ever security token, tribeOS.
Security tokens integrate Distributed Ledger Technology (DLT) with traditional financial securities. Importantly, the majority of existing security tokens abide by their jurisdictions’ existing securities laws, resulting in the compliant tokenization of real-world assets.
To date, security tokens have been integrated with assets such as equity, investment funds, real estate, and even fine art.
What do you think of developing digital asset exchange and tokenization platform Velocity Ledger? Will Bermuda become a hotbed of digital asset adoption? Let us know what you think in the comments section below.
Image courtesy of NCL.