Custa Bank and Vantage Bank, the tokemization of US dollar deposits Ethereum $2,071.44 He successfully completed the main chain. Banks performed eight -arranged tests during the process. These transactions were carried out within the framework of full compliance with the US banking regulations. Token creating, transfer and retrospective steps were implemented in accordance with the legal requirements. The application has been a remarkable example of the integration of traditional finance and blockchain systems.
How did the tokecination process proceed?
The Custodia Bank and Vantage Bank realized the production and reproduction of Avit Tokens indexed to the US dollar with a total of eight -regulated test processes. The procedures were applied on the main network of Ethereum by adhering to financial regulations. The tokens were transferred after they were created as digital deposits and were finally taken back by banks.
In all these processes, BSA (Bank Secrecy ACT), AML (prevention of money laundering) and Ofac (Foreign Assets Control Office) arrangements were taken into consideration. The tokens were not only technical, but also for legal infrastructure. This approach showed that blockchain technology can work with regulations.
The management of the tokens was made through the system called Avit. Avit, tokens both circulated and enabled the monitoring. The follow -up of digital assets in inter -bank transactions was managed by this system.
Distribution of tasks between banks
The distribution of tasks in the project was clearly determined. Virtage Bank was responsible for traditional banking services. He directed Fiat Monetary Movements through systems such as Fedwire and Ach. Deposit management was provided through classical finance infrastructure.
Custodia Bank undertook the entire burden of the digital side. Token printing on Ethereum, the storage of digital deposits and the registration of operations to Blockchain. In this process, Custodia actively used the AVIT Management System.
Avit served as a bridge between digital and traditional systems. Digital interaction between banks has become possible through this infrastructure. Traditional systems, with Blockchain -based services, were tested in practice.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
