(BlockBar) The 1100-year-old financial institution, Royal Mint, announced plans to become a cryptocurrency custodian institution in the next few days. This British government-owned coin manufacturer will provide custodian services for the first time.
The Royal Mint issued an official press release confirming that they are expected to be the custodian of the temtum (TEM) cryptocurrency issued on July 17 (Wednesday). The company said that TEM would initially be used to buy and trade on CoinAll. CoinAll is a large-scale crypto exchange based in Hong Kong and a strategic partner of OKEx, the world’s leading exchange.
Specifically, the Royal Mint will serve as a storage of the temtum genesis private key and currency reserves. And the reserve also plans to keep the original blockchain keys in its vault forever
Temtum is described as a zero-cost， point-to-point cryptocurrency that supports a temporary blockchain network and greatly improve the block time of traditional blockchain systems (such as Bitcoin and Ethereum). Essentially， EM blocks have a processing time of 1 block every 12 seconds averaging about 5 blocks every minute compared to Bitcoin, which processes 1 block every ten minutes.
On its official site, Temtum writes it’s a blockchain that aims to provide a peer to peer trading system leveraging on the Temporal Blockchain network to create a “new world of financial freedom away from centralized institutions.” Furthermore, TemTum is set to provide a fee-less structure for transactions completed on the network.
Recently, the Securities and Exchange Commission (SEC) and the financial industry regulatory authority (FINRA), two of America’s largest financial regulators, issued a joint statement on encryption hosting services. Specifically, the regulators suggested that crypto custodians may not be able to demonstrate that it actually control the assets it claims to hold, while simply holding a private key is not sufficient to demonstrate ownership of crypto.
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