Soakmont has reached an agreement and letter of intent (LOI) with Atlantic Trust Company (ATC), a Canadian regulated financial institution, for a cryptocurrency-focused partnership and the creation of a regulated entity, bringing together blockchain and financial expertise.

ATC, a trust and loan company, was established in 1965 through an Act of Parliament by the Government of Prince Edward Island, bestowing its powers as a financial institution and trustee.

The agreement oversees a new ATC corporate subsidiary to offer investors stability and insurance with fully fiat-backed Canadian dollar (CAD) and United States dollar (USD) stablecoins. Soakmont and ATC intend to bring “stability” back to stablecoins and release further financial products following the subsidiary’s creation.

Confirming the news, the Soakmont development team said:

“This agreement will allow us to realize our vision of creating a fully regulated tokenized investment platform — removing traditional investment barriers while providing peace of mind for users. We see huge potential [in] this partnership and are delighted to be building something that will bring so much value to the fintech and cryptocurrency field.”

The agreement’s priorities are:

  • Creating a digital subsidiary trust and financial institution to launch in 2022’s third quarter.

  • Launching a fully secure CAS and USD stablecoins: fiat-backed one-for-one, fully regulated and regularly audited.

  • ATC and its subsidiary will work with Soakmont to ensure its upcoming investment platform is fully regulated for asset tokenization and fractional ownership.

This subsidiary is the cornerstone of Soakmont’s investment platform; support from a regulated Canadian financial institution lets Soakmont focus on private equity and real estate investment.

Once the agreement is finalized in 2022’s third quarter, the subsidiary financial institution launches with multichain stablecoins. Afterward, Soakmont launches its investment platform and enters its first phase of tokenizing private equity assets with fractional ownership.

Archer Attorney & Notaries received a mandate by both entities to ensure the agreement’s completion and the inception of this new subsidiary.

The two organizations’ expertise and experience are helping them build a novel, secure environment in the cryptocurrency and blockchain industry.

Further updates and projects will be announced and brought to market as the partnership develops.

Soakmont is a fintech company utilizing the transparency and efficiency of blockchain and Web3 with a range of industries and products.

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