UK government-owned coins manufacturer Royal Mint intends to provide custody for its new cryptocurrency.
According to the July 15 press release, temtum (TEM) — a new cryptocurrency — which set to be launched on July 17 has attracted the 1,100-year-old financial institution’s participation.
Royal Mint vault will indefinitely store the original private keys whereas the temtum genesis private keys together with the currency reserve will be stored in Royal Mint.
temtum’s Temporal blockchain will host the transaction data while the trading and purchases will be done Initially using TEM on CoinAll — OKEx exchange’s strategic partner and a major Hong Kong-based crypto exchange.
The project’s website describes temtum as a peer-to-peer cryptocurrency which operates under a zero fee and is supported by a Temporal Blockchain network in order to create a “new world of financial freedom away from centralised institutions.” the new coin which is mined at a five blocks per minute rate has a 12 seconds block confirmation speed.
Royal Mint had reportedly announced In January 2018 that it would launch Royal Mint Gold (a gold-backed coin). However, due to the government’s veto, the firm went ahead and canceled its plans.
Also, a joint statement about crypto custodial services recently came from the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). In the statement, regulators said that crypto custodians have no control of their assets since a private key held is insufficient proof of ownership of a particular cryptocurrency.