Bermuda Grants Plume Digital Asset License for On-Chain Vault Model

Bermuda has granted Plume, a specialized Layer 2 blockchain, a Class M digital asset license for its subsidiary firm, Kimber Digital Assets Bermuda ISAC Limited.

The license makes KDAB the first regulated on-chain vault manager under Bermuda's Digital Asset Business Act 2018. The approval enables Plume to provide tokenized investment products without traditional custodians, allowing global investors to access these products from anywhere with an internet connection and a compatible wallet.

Plume's vault model uses smart contracts and segregated accounts to manage assets, providing statutory ring-fencing, separate legal personality, and bankruptcy remoteness. The company expects to announce the first regulated KDAB vaults in the next few days and weeks.