Hard on the heels of the announcement Premier David Burt stated that the recent “purchase of Victoria Hall by Arbitrade represents confirmation of their commitment to Bermuda”.

In a statement released last evening, Mr Burt said: “Having submitted their application to purchase the building and subsequently passing all financial and background checks, it must be noted that the Registrar of Companies had no objections and the Chamber of Commerce have expressed their support.

“We thank Arbitrade for this tangible sign of commitment to Bermuda and look forward to further announcements as the island continues to set the pace for the world in Fintech,” he added.

Arbitrade plans to renovate the Victoria Street building to make it the company’s global head office and digital asset exchange in Bermuda.

Once the subsidiary, Arbitrade Exchange (Bermuda) Ltd has been licensed, the company plans to begin hiring under Bermuda’s new Digital Asset Business Act.