Government has signed another Memorandum of Understanding with a second fintech business.

Premier David Burt announced yesterday that an MOU was signed with Medici Ventures to create jobs and educational opportunities for Bermudians.

The MOU was signed by Patrick Byrne, the founder and CEO of Overstock.com, which owns Medici Ventures as a subsidiary.

A spokesperson said Medici Ventures will make Bermuda its “incubator” for blockchain innovations for investments.

The MOU also promised some to produce 30 jobs over the next three years.

The company will work with the Bermuda Government to develop a legal and regulatory framework for the security token trading platform being developed in Bermuda.

Speaking after the signing, Premier Burt said: “On behalf of the Government of Bermuda, I am extremely pleased to sign this MOU which demonstrates that global investors are taking note of what Bermuda is doing.

“We look forward to working with Medici to ensure that the commitments made in this MOU are realised.

“Bermuda is at the forefront of the fintech industry creating an environment in which Bermudian businesses can thrive, opportunities for Bermudians can be created and in which capable, qualified Bermudians can benefit from opportunities to train, work and succeed at every level.”

Last week, Government signed another MOU with the Binance Group, which also pledged to create 30 jobs for Bermudians with a $10 million investment in training.

Legislation to regulate Initial Coin Offerings was approved in the House of Assembly on Friday. Legislation covering cryptocurrencies is expected to follow soon.

According to the statement released yesterday, in signing the MOU, Medici will:

  • Make Bermuda its laboratory for the most leading edge blockchain innovations coming out of its stable of a dozen blockchain firms;
  • Create at least thirty (30) jobs in Bermuda over three years;
  • As soon as practicable, develop an Security Token Trading Platform in Bermuda subject to all required legal and regulatory processes;
  • Focus its social contribution in Bermuda on nurturing a proper pipeline for creating basic, intermediate, and advanced software development engineers; and
  • Work collaboratively with the Government of Bermuda and all necessary oversight agencies in the development and improvement of a robust legal and regulatory framework.    

Photos Courtesy of DCI