Home Cryptocurrency The Royal Mint Provides Crypto Custodial Services

The Royal Mint Provides Crypto Custodial Services

by Meredith Loughran
, The Royal Mint Provides Crypto Custodial Services

On July 11, 2019 at 4 pm, temtum (TEM) created it’s genesis block and the new cryptocurrency will be available on July 17 for the global launch. The Royal Mint, the UK’s government-owned mint, has announced that they will provide custodial services for cryptocurrency, specifically participating in the launch of TEM. In other reports, The Royal Mint will provide storage for the temtum genesis private keys and currency reserve. Original temtum private keys will be forever stored in the Royal Mint’s vault.

Some of the pushback concerning “custodial services” of cryptocurrency comes from the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) debating whether or not holding a private key is sufficient enough to determine ownership. If ownership cannot be established then a custodian cannot approve transactions and conversely cannot reverse those transactions. In the world of crypto, this belies the ideals of private keys, anonymity, and real P2P without middlemen or government intervention.

All transactions will be will logged on the Temporal blockchain and TEM tokens will be available for purchase and trade on CoinAll, a Hong Kong-based exchange that is partnered with OKEx.

What is temtum?

Hailed as the next generation blockchain, temtum is a lightweight, peer-to-peer cryptocurrency that uses low-energy, consensus algorithms to confirm transactions faster. It has leader nodes and short-term data nodes so the integrity of the blockchain is maintained while lessening the bandwidth, CPU and RAM of working nodes, and quantum mechanics are used to help secure the blockchain.

Founder and CEO of temtum, Richard Dennis said: “There should be no gimmicks or shortcuts when it comes to security and we see working directly from the home of the UK’s creation of coins over the last 1000 years, as the only place suitable for the launch of a new currency that we believe will have a significant value globally in the years to come. It just happens to come with such tradition and authority, once located just a stone’s throw from the Crown Jewels.”

temtum has been in development for five years. According to their website, they are already fully developed with web and mobile applications. As for the Royal Mint, as groundbreaking as this is, it’s my humble opinion that this is a strategy to legitimize cryptocurrency to a growing mainstream audience and open the door to government oversight.

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