Fintech MOUs: Binance, Omega, Shyft & Medici

June 11, 2018 | 10 Comments

During a recent sitting of the House of Assembly, Premier and Minister of Finance David Burt tabled four Memoranda of Understanding [MOU], with the MOUs with Binance, Omega One, Shyft Network and Medici Ventures detailing their plans for fintech development in Bermuda now  available online.

The Government is aiming to attract fintech business, with their dedicated Fintech website stating the Bermuda Government “understands the power and disruptive potential of this technology and has identified an opportunity to be a pioneer in this sphere. Bermuda is leveraging the island’s significant expertise in regulatory management and is a leader in the fintech space with cutting-edge ICO legislation.”

Fintech generic TC 0983245

 Medici Ventures

The MOU with Medici states it will “make Bermuda its laboratory for the most leading edge blockchain innovations coming out of its stable of a dozen blockchain firms” and create at least 30 jobs in Bermuda over three years.

  • Copy of MOU with Medici Ventures [PDF here]

Binance

The MOU with Binance states it will develop its global compliance base in Bermuda, create at least 40 jobs in Bermuda, sponsor university-level training for Bermudians in blockchain technology development and compliance in an amount up to US$10 million, make up to US $5 million available for investments in new Bermuda based blockchain companies and develop an Digital Asset Exchange in Bermuda.

Shyft

The MOU with Shyft states it will create 30 jobs over three years in Bermuda and invest up to USD$10m aggregate over 3 years in Bermuda-based blockchain initiatives.

Omega

The MOU with Omega states they have an “expectation of adding 20 local jobs in Bermuda over 3 years” and they will donate some of proceeds from the sale of Omega One tokens, “including no less than 10% of the venture philanthropy allocation thereof, for the betterment of local community sporting clubs in Bermuda.”

Another MOU Signed

After the four MOUs above were tabled, the Premier signed another MOU “establishing a strategic partnership with interests from the Republic of Korea”, with the MOU involving B-Seed Partners, FinHigh Capital and B.F.S. Holdings as partners in a new Bermuda venture, Bermuda FinTech Accelerator which “could lead to a potential investment of up to $10 million.”

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Comments (10)

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  1. Joe Bloggs says:

    I do not understand. This article says that “The Government is aiming to attract fintech business” and that Binance “will … create at least 40 jobs in Bermuda”. Is that on top of the 70 jobs the Premier says have already been created? And why does that article say that “Government is aiming to attract fintech business” when the Premier says we are already the fintech capital of the world?

  2. Question says:

    Reminds me of the Platinum Period, and the announcement that ‘ground will be broken for the Grand Hyatt in November 2011’.

  3. Retro says:

    Where is the reality in all of this?Get out of your bubbles and sign a mou with a hotel.

  4. Warwick West says:

    QUOTE FROM CNN today :The price of bitcoin slumped more than 7% after South Korea’s Coinrail announced that it had been targeted by cyberthieves. In a statement Monday, the exchange said that it had a suffered a security breach in which hackers stole about 30% of its virtual currencies.
    Coinrail said it had temporarily suspended trading in digital currencies and was fully cooperating with investigators to try to track down the missing funds. The exchange did not disclose the value of tokens stolen. The theft was of less well-known cryptocurrencies rather than bitcoin itself.
    South Korea has emerged as a hotbed for trading in virtual currencies over the last year. Coinrail is one of its less-well-known trading platforms. END QUOTE
    Heads Up folks! An early warning shot across the bow!

    • Dumb says:

      Moron is right! Always sensationalizing everything! Not all cyber coin operations have these issues and the less well known don’t have the controls of the reputable operators which is what Bermuda is obviously attracting!

      • Retro says:

        I wasn’t referring to Warwick west’s comment. There was a nasty comment in between that was removed..

  5. Retro says:

    Moron

  6. Warwick West says:

    Hello folks. I quoted from CNN who, BTW, went on to say $30 BILLON was stolen. Not my article. Read CNN and make your own choice.
    Thank you.

  7. alistair maclean says:

    I had thought that the Binance MOU originally stated it would create 30 new jobs for Bermudians. That now seems to be missing. Is that an oversight?

  8. roger Lambert says:

    The Government seems to be helping Bermuda for this new type of business.

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