Bermudian-based fintech company Velocity Ledger Technology Ltd is to release its testnet and blockchain network API today.

The launch will allow businesses and individuals to develop applications to integrate with the network for the issuance, trading and settlement of digital asset tokens, the company said.

The VLT platform is a compliant platform for issuing, trading and settlement of digital assets in Bermuda, the company said, adding that it will also operate in other jurisdictions including the United States, Canada and Asia.

The company said it expects to deploy its main net by the third quarter of this year.

VL Tech is allowing early access to the core API [application programming interface] with a blockchain viewer for third-party integration as well as a traditional web portal that supports the full life cycle management of new digital assets.

Participants can fill out early request forms on the Velocity Ledger website to connect to the testnet.

Companies seeking to issue digital assets can utilise VL Tech to conduct an initial coin offering in Bermuda on a white label “software-as-a-service” basis, the company said.

Companies must file independently and be approved by the Ministry of Finance and/or Bermuda Monetary Authority, a statement from the company said.

Participants interested in using the technology are required to purchase tokens and be stakeholders on the network.

Velocity Ledger Holdings Ltd, of which VL Tech is a subsidiary, has been approved to conduct an initial coin offering by the Ministry of Finance.

The VL token sale was approved on March 22, and is currently under way, the company said.

Qualifying participants can purchase tokens directly from www.VelocityLedger.com.

Token benefits include revenue sharing and monthly distribution of newly minted tokens to stakeholders.

“The Velocity Ledger Technology stack utilises core components for matching developed by Fundamental Interactions over seven years and deployed globally by exchange operators and alternative trading systems,” Julian Jacobson, co-founder, president and chief operating officer of Fundamental Interactions and VL Tech, said. “Issued tokens can trade and then settle on the public network.”