Premier and Minister of Finance, David Burt tabled four Memoranda of Understanding (MOU) in the House of Assembly on Friday.
The Government of Bermuda has signed MOUs with:
- Binance Holdings Limited who have undertaken to provide up to $10 million for training and another $5 million in investment in Bermuda Based Blockchain Companies;
- Omega One proposes to donate 10% of venture philanthropy to support ‘community sporting clubs in Bermuda;
- Shyft Network, Inc. will spend up to $10 million blended between investments in Bermuda based companies and education; and
- Medici Ventures, LLC (a subsidiary of Overstock.com) who intend to create 30 jobs in Bermuda.
Premier Burt stated: “These MOUs outline the beginnings of solid working relationships with leading companies in this new area of development.
“Our commitment is to work with these partners in the implementation of these undertakings as we develop Bermuda’s Fintech industry.
“This Government is determined to diversify this economy and it is becoming clear that the FinTech industry can become another source of economic growth for Bermuda’s economy,” he added.
“Bermuda is a global leader in digital asset regulation and we are creating an environment in this country where legitimate companies can establish a presence to provide services to the world.”
Based on these commitments, he said: “We stand to create 120 jobs for Bermudians over the next three years.
“Most significantly, we believe in investing in our people and the institutions that strengthen our communities; so we are encouraging these corporate partners to tangibly do the same with education, our community sporting clubs and in training Bermudians.”