Hybrid Finance & Corporate Finance News

Mercredi 25 Mai 2016

Bermuda government to establish blockchain incubator

Bermuda archipelago authorities have signed a partnership agreement with the international blockchain consortium Agentic Group in order to develop a digital currency ecosystem on the islands.

Experts from the Agentic Group, which includes 33 companies from the USA, Switzerland, UK, Canada, UAE, France and New Zealand, will be engaged in training and advising for the territory’s financial regulator, the Bermuda Monetary Authority. The main goal, set by the government of this British overseas territory, is to transform Bermuda in a prominent player of the Fintech world.

According to the Agentic Group, the consortium will participate in the creation of so-called Bitmuda, a special digital currencies and blockchain projects incubator in Bermuda. As Agentic Group’s founder and managing director Rick Willard has said,

“We were delighted to meet with the Bermuda Monetary Authority to discuss how these growing industries could put Bermuda on the map as one of the leading Fintech hubs, specializing in cryptocurrency and blockchain…We look to working closely with government to establish both a digital currency incubator and blockchain startup facility in Bermuda.”

The implementation of blockchain technologies at the governmental level will help to make the registration and supervising processes more transparent. Currently, Bermuda is considered as one of the most popular “tax havens”, offering a preferential tax treatment for foreign companies.

The New York-based Agentic Group includes such companies as encrypted messaging provider Blockchain Clearing Corp., mobile payments provider Boloro, real estate firm Brickcoin, venture production studio ConsenSys, blockchain apps developer Credits, software lab Fermat, personalising platform Joox, social messaging provider Peeem, transaction platform Stash Crypto, smart contract constructor Tendermint and others. Consortium members specialise in cryptography and related technologies, such as Big Data and smart contracts. The main activity of the Agentic Group is training programs and advising for corporations, governments and nonprofit organisations.

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