Regulations

UK’s Royal Mint to provide custodial services for a new cryptocurrency

The United Kingdom’s royal mint has today announced that it has partnered with Temtum to provide storage for the new cryptocurrency. This is the first time the 1,100-year-old financial institution has taken part in the development or launching of a new cryptocurrency succesfully. In January 2018, the royal mint launched a gold-backed cryptocurrency but the company cancelled the project after some time.

The Royal mint’s primary role will be to store the coin’s first private keys and to act as their currency reserve.

Temtum is expected to launch on the 17th of this month according to their website. The currency promises a lot of great stuff among them; a temporal blockchain network that supports cryptocurrency at no cost at all; high block confirmation speeds of about twelve seconds and breakneck mining speeds of up to five blocks in one minute.

The CEO of temtum, Richard Dennis, has pointed out that working with the Royal Mint in the UK is one of the ways that they can be able to ensure safety in their digital currency. The CEO, with the help of security advisors, has worked to ensure the security of crypto keys and has created the first block on temtum’s blockchain.

“There should be no gimmicks or shortcuts when it comes to security and we see working directly from the home of UK’s creation of coins over the last 1,000 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,” says Richard Dennis, Temtum’s CEO.

The CEO then went on to add that: “We have been working with government-grade security advisors to ensure that temtum is the most secure network in the industry and that any reserves of TEM are in one of the world’s most secure facilities. Our technology goes much further than simply making our code open source; our code has been tested and approved by Crest approved agency BSI, so you don’t need to be a cryptographer to know temtum is secure.”

To achieve the security of crypto keys, the company secured private keys belonging to the founding team, exchanges, and users. It also utilized secure quantum cryptography which helps to ensure that public keys cannot be used to calculate private keys and finally, the team has developed a secure network that’s resistant to a 51% attack.

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coinmag

Daniel is an experienced writer with a keen eye on emerging technologies. He aims at educating the crypto community on the developments within the space.

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