Wilmington Trust Named as the Escrow Provider for Auctions
ICANN and Power Auctions LLC, are pleased to announce Wilmington Trust, National Association (Wilmington Trust) as the escrow provider for the New gTLD Auctions. Module 4 of the Applicant Guidebook prescribes Auctions as the method of last resort to resolve string contention. Participation in an auction requires the bidders to submit a deposit prior to the Auction; these deposits establish the bidding limits for the bidder in the Auction. Wilmington Trust will hold the deposits in escrow until the Auction completes. The amount of the deposits will be maintained in confidence to ensure confidentiality of the bidding limits. Power Auctions will provide the applicants with detailed information of how and when to submit their deposit to Wilmington Trust for participation in an Auction.
Wilmington Trust is a wholly-owned bank subsidiary of M&T Bank Corporation, a publicly listed bank holding company (NYSE: MTB), headquartered in Buffalo, New York. Wilmington Trust will provide a specialized service for ICANN and Power Auctions that was the best fit for the Auctions project needs when compared to the offerings of other international banks considered. The selection process adheres to ICANN’s procurement guidelines for a specialized service. ICANN evaluated Wilmington Trust on several criteria designed to ensure the protection of the deposits and depositors. The assessment included evaluations of the organization’s stability including corporate structure, internal controls, and standing with regulatory bodies; as well as an assessment of financial stability based on its assets under management, capital reserves, insurance, and credit ratings.
For information about the upcoming Auctions, please view the Auctions landing page on the New gTLD Microsite.