Arbitrade Statements: Building, Donations, More

July 3, 2018 | 35 Comments

During their recent press conference call, Arbitrade — which previously announced its home domicile will be Bermuda — reportedly said they will be “donating $1 million to the Government’s new state-of-the-art co-working space,” made statements about other donations, and said they “recreated a gold standard for the cryptocurrency sector.”

Arbitrade Statement On Gold Standard

During the call, the company said, “We recreated a gold standard for the cryptocurrency sector. In partnership with Sion Trading FZE, out of Dubai, which is one of the only licensed gold traders on the Dubai Gold Exchange, we will be granted $10 billion worth of physical gold, which we are receiving title to.”

Audio Of The Press Conference Call As Made Available On Various FinTech Websites

Arbitrade State They Will Donate $1M To Co-Working Space That Govt Purchased For $4M

The company said, “Furthermore, we would like to extend our gratitude to the people of Bermuda. We’ll be following through with several actions here. We’ve been asked to allow the people of Bermuda the first right of a free ICO position when we launch our ICO. We accept those terms.

“We would like to also further offer some things to the people of Bermuda. Today we will be donating $1 million to the government’s new state-of-the-art co-working space, an incubator for the new FinTech sector.

“The government has purchased a building at Park Place for $4 million, and Arbitrade will be donating $1 million for the refurbishment and launch of that facility in the coming months ahead. That donation will be done early next week.”

Arbitrade State Victoria Hall Property Expected To Close In Two Weeks

“We will be adding several jobs,” the company is reported to have said. “Head office in our new seven-story office tower called Victoria Hall, which that property is expected to close within the upcoming next two weeks.

“After that, that building will be renovated over the summer to accommodate everybody with new computers, phone systems, management staff for training. At that point, we have to train all the staff in order to understand the operating system, how to handle support, and how to handle compliance.

Arbitrade Statements On Donations 

The company said they would be donating $25,000 to the Mirrors programme and $25,000 to the Family Center, which are both well known and established organisations in Bermuda.

In addition, Arbitrade alleged they would be donating to an “active shooter preparedness” programme and a gang violence reduction proposal said to involve chicken farming.

According to the reported transcript and audio recordings [1] [2] [3], an Arbitrade representative said, “The government has launched a gang violence reduction proposal with the BDA and the government, and Arbitrade would like to help them in their therapeutic gardening initiative, where five acres have been given to the government where gang members are taught therapeutic farming and plant husbandry.

“And then, also chicken farming. Gang members will be paid to work on the chicken farms, but this costs money, and Arbitrade would like to assist in that as we help Bermuda develop the most advanced student and young person learning process into the FinTech sector, and to help them get off the streets and into education, Arbitrade will donate $45,000 to that initiative.”

“Then ALICE. ALICE program is a big program for active shooter preparedness taught by the FBI at schools and local charities. Arbitrade will donate $30,000 to this initiative,” the company said, citing a programme which appears to take place overseas, not locally.

In an effort to clarify the statements above, we have sent multiple requests over the past few days seeking confirmation or denial these statements were made and/or clarification on the veracity of them, and while we have not yet received a response to some queries, we will update if able.

Audio Extract Of The Press Conference Call | Comments About Bermuda

Minister States Arbitrade Made ‘Significant Pledge of $1.125 Million To Bermuda’

While all of Arbitrade’s statements have not been confirmed by Government at this time, the Government did confirm that the company made a “pledge of $1.125 million to Bermuda.”

In response our queries, Minister of National Security Wayne Caines said, “The Bermuda Fintech Development Fund Act, having been approved in the House, is set to be debated in the Senate this week and will serve to leverage the revenue and corporate citizenship donations from the Fintech industry for the broader benefit of Bermuda.

“We are grateful to Arbitrade, which has recently made a significant pledge of $1.125 million to Bermuda as part of their local corporate citizenship initiatives. The funds will service educational, community and innovation-oriented projects.

“We look forward to receiving the funds and sharing details of the approved recipients once the Fund has been set up.”

Share via email

Read More About

Category: All, Business, News, technology

Comments (35)

Trackback URL | Comments RSS Feed

  1. Redrose says:

    Wow … government is spending millions on this incubator now? What happened to the south side idea and the rfp?
    Alice and the fbi?????
    Chicken farm plans?
    And we had to find all this out via Arbitrade?
    This comes from what budget?
    Wow

  2. archie says:

    No mention of how many jobs? Funny that ….

  3. The Original Truth™ says:

    “we will be granted $10 billion worth of physical gold, which we are receiving title to”

    This is a trick statement to make potential newbie investors think they really are receiving physical gold. Really they are receiving a title to gold which anyone can receive through banks or a national mint. I have gold titles already & I’d never give them up for crypto & neither would any true bullion investor. Don’t be fooled Bermuda. Your bank will have better investment tools than some Hasbro/Parker Bros currency.

    • john m says:

      The Original Truth… Did you seriously just say a bank will have better investment tools?! The amount gained from banking investments is chump change compared to crypto! One of Arbitrades cryptos has already gone from fractions of a cent up to 30 cents and stayed over 10 cents to date. Tell me a bank that will give me a thousandth of that return!

      • The Original Truth™ says:

        Here is one right in BDA. Just get an itrade account, read some buffet books & you’d do a lot better than putting it in crypto. You’d also be giving a job to your fellow Bermudians.

        https://clarienbank.com/

        Even in the Trump Slump I’ve got stocks that are still up over 2000%UG.

        Cryptos can never beat the dow & tips combined. You can even invest in blockchain without a single crypto or blockchain necessary.

        • Ok says:

          100% bullsh$$! Over 2,000% my a$$! List any one stock you have that had done that! You people need to shut up and let the big kids play in crypto!

  4. The Original Truth™ says:

    PLP is really starting to disgust me. They need to do research before entering into agreements. The moves they make claiming they are for blcak people’s rights are hypocritical. I wonder if the gold that this company is getting the title has anything like this attached

    https://mg.co.za/article/2016-05-11-the-missing-paper-trails-of-sudans-gold

  5. enough says:

    so now I guess we know why Government wants the Westover Farm in Somerset. and honestly Chicken Farming for gang members, are you serious, good luck with that one, surely you can come up with a better for of rehabilitation for our young men.

  6. shrew says:

    listen, if it’s too good to be true, then it is. you think a company is going to hand over $1m to THIS govt, who can’t get a bus schedule despite being hand in hand with the unions? you get what you voted for people! maybe next time you won’t fall for the BS and propoganda spouted by CF and others

  7. That’s great news and an excellent opportunity for the people of Bermuda.
    It will be truly amazing if all parties manage to finalize the legislation, platform and facilities to grow a prosperous future, for us right now and future generations. For anyone looking for some key points surrounds this project, please feel free to visit blockchainbullion.io

    We look forward to seeing your updates Bermuda News, Thank you.

    • The Original Truth™ says:

      SPAM!

      Blockchain is far from being bullion. Now that the bitcoin bubble popped there wont be any crypto that could ever compete with gold.

      Stop trying to scam my island!

      • “If you want to go to the future, you have to go to the past. The future of money is gold.”

        ‘The Original Truth’ – Firstly, your statement “Stop trying to scam my island!” is entirely unwarranted, it shows you haven’t even looked at any of the information contained on the website. we provide an impartial, subjective blog and timeline of events for those looking to learn about digital assets. I think your perception of blockchain and cryptocurrency is misplaced. However, I can appreciate there have been many scams, that is why the world’s regulators are working together with governments and companies to reduce these scams. Your country Bermuda is at the forefront of that movement.

        In my opinion, the Bitcoin Bubble hasn’t popped…. Far, far from… Bitcoin will be around for a very lonnnnnng time. Yes, it has had a significant correction from an end of 2017 – 2018, but that is a short-term mindset, and if you zoom out and look at the bitcoin network value from its inception it has grown at an unbelievable rate.. I 100% agree that the hysteria, mania that transpired with people jumping on the train without even taking the time to know what Bitcoin is have probably been burned. This will happen if you throw money at something you do not understand. Quite frankly the idea of throw money into something and just hoping you will make money is ridiculous

        With reference to the opening quote, I will list just a few articles that provide a deeper insight to how Gold and other precious can be tokenised and on the blockchain for anyone who CHOOSES to own them. You may not see the advantages of this, but many people do, me being one of them :)

        I think it is remarkable that we live in an age where anyone, from anywhere in the world can participate in a decentralized, immutable, secure asset. Hey, but that’s just me and its a good thing that people differ in opinions, but you really should refrain from shouting “scammm” unless you can provide any quality information for the people who take time to read these things, it will provide a basis for people to make a decision.

        Look, we don’t offer financial advice, just our research findings and a guide to how to get started learning, we are all still learning ourselves, we’ve formed a great community of people who help contribute to the efforts.
        * http://www.blockchainbullion.io

        Royal Mint offers gold trading based on blockchain – Royal mint is a company which has operated for a very long time and maintains and secures gold for governments, royal families, corporations and investors
        Ref:
        - https://www.reuters.com/article/us-gold-blockchain-royal-mint-idUSKBN13O0M4
        - https://www.telegraph.co.uk/business/2016/11/29/royal-mint-offers-gold-trading-based-blockchain/

        Bitcoin Debate’s Defeated Bear: Digitized Gold ‘Only Type of Crypto That Can Succeed’ -
        https://cointelegraph.com/news/bitcoin-debate-s-defeated-bear-digitized-gold-only-type-of-crypto-that-can-succeed

        & there are many many more out there, DYOR

        • Mb says:

          SCAM!!!HELLO !!!?
          What a crock of xxxt

          • Xero Bull says:

            Blockchain Bullion writes that detailed post and all you’ve got is that? You seem illiterate.

            The world is changing. Finance is changing. Just like the internet changed things.

            Digital currency is the future.

            Trying to deny that will only leave you in the past…

  8. dsd says:

    Gov bought Victoria Place? WTF – there is so much empty office space in town. But Gov wants to be the landlord itself instead of bothering with supporting mere taxpayers.
    Same greed that drove them to move the cruiseships to Dockyard – thus killing Front Street retail.

    • E. Gamble says:

      To dsd,
      Victoria Place is NOT for sale, it is Victoria HALL,
      please get your facts straight in-future,
      Thank you and have a great Bermudaful Day!

  9. Family Man says:

    We need an active shooter program? In Bermuda?

    Where do these guys think they are? Texas?

  10. Ringmaster says:

    Does anyone in the PLP Government stop to wonder why so many gifts are being given to Bermuda? No legitimate business ever does this. The cryptocurrency mirage will be just like, and maybe worse, than the dot com collapse. Bermuda is allowing itself to be set up for a painful reaction to the economic success it presently enjoys. It takes years to create the right environment for success and a few minutes to destroy it. The clock is close to midnight.

  11. Ringmaster says:

    Another matter. Government has paid $4m for Park Place? Why when they can’t afford new buses for Bermudians? Now it’s clear where their priorities are, and it’s not Bermudians yet no one complains. No wonder there is limited bus service.

    • Ok says:

      Wow let’s worry about them buses while we lose out on jobs and tax from a new industry! That makes sense you moron! Such small minded people on this island who worry about their bus ride over new business and investment in Bermuda!

      • The Original Truth™ says:

        Blockchain is not an industry. The majority of banks wont even except it until it’s been proven & it hasn’t.

        Public transportation is & always has been the key to a nations economic success. Countries without proper public transport have been held back because of it.

        • ‘The Original Truth’ – Perhaps a name change is in order?
          It is connected with major industries… Let’s do a quick overview: Considering your primary concern is with transport, refer to point 7 and 12.

          This short summary might help you understand what The Blockchain is? we have more info at http://www.blockchainbullion.io

          The blockchain is a distributed ledger technology that underlies cryptocurrencies like bitcoin and platforms like Ethereum. It provides a way to record and transfer data that is transparent, safe, auditable, and resistant to outages. This technology has the ability to make the organizations that use it transparent, democratic, decentralized, efficient, and secure. It will likely to disrupt many industries in the coming 5 to 10 years. These are some of the industries it’s already disrupting.

          What Industries is it likely to disrupt:
          1. Banking and Payments
          Some say that the blockchain will do to banking what the internet did to media. It can be used to give access to financial services to billions of people around the world, including those in third world countries who don’t have access to traditional banking. Bitcoin allows anyone to send money across borders almost instantly and with relatively low fees. Abra is one startup that is working on a bitcoin-based remittance service.

          Many banks like Barclays are also working on adopting blockchain technology to make their business operations faster, more efficient and secure. Banks are also increasingly investing in blockchain startups and projects. IBM predicts that 15% of banks will be using the blockchain by the end of 2017.

          2. Cyber Security
          Although the blockchain ledger is public, the data is verified and encrypted using advanced cryptography. This way the data is less prone to being hacked or changed without authorization.

          That said, the applications build on the blockchain are still young and there have been several hacks in recent months. This is something future applications will need to grow up to.

          3. Supply Chain Management
          With blockchain technology, transactions can be documented in a permanent decentralized record and monitored securely and transparently. This can greatly reduce time delays and human mistakes. It can also be used to monitor costs, labor, and even waste and emissions at every point of the supply chain. This has serious implications for understanding and controlling the real environmental impact of products. The distributed ledger can also be used to verify the authenticity or fair trade status of products by tracking them from their origin. Some blockchain companies working in this sector are Provenance, Fluent, SKUChain, and Blockverify

          4. Forecasting
          The blockchain is set to change the entire approach to research, consulting, analysis and forecasting. Online platforms like Augur are looking to create global decentralized prediction markets. These technologies can be used to place and monitor bets on anything from sports to stocks to elections in a decentralized way.

          5. Networking and the Internet of Things
          Samsung and IBM are using blockchain technology for a new concept called ADEPT, which will create a decentralized network of IoT devices. Operating like a public ledger for a large number of devices, it would eliminate the need for a central location to handle communications between them. The devices would be able to communicate with each other directly to update software, manage bugs, and monitor energy usage.

          6. Insurance
          The global insurance market is based on trust management. The blockchain is a new way of managing trust and can be used to verify many types of data in insurance contracts, such as the insured person’s identity. So-called oracles can be used to integrate real-world data with blockchain smart contracts. This technology is very useful for any type of insurance that relies on real-world data, for example, crop insurance. Eternity is one blockchain project that is building tools that are useful in the insurance industry.

          7. Private Transport and Ride Sharing
          The blockchain can be used to create decentralized versions of peer-to-peer ridesharing apps, allowing both car owners and users to arrange terms and conditions in a secure way without third-party providers. Startups working in this area include Arcade City and La’Zooz.

          The use of built-in e-wallets can allow car owners to automatically pay for parking, highway tolls, and electricity top-ups for their vehicle. UBS, ZF, and Innogy are some of the companies developing blockchain based e-wallets.

          8. Cloud Storage
          Data on a centralized server is inherently vulnerable to hacking, data loss, or human error. Using blockchain technology allows cloud storage to be more secure and robust against attacks. Storj is one example of a cloud storage network using the technology.

          9. Charity
          Common complaints in the charity space include inefficiency and corruption, which prevent money from reaching those that are meant to have it. Using blockchain technology to track donations can let you be sure your money is going to end up in the right hands. Bitcoin-based charities like the BitGive Foundation use blockchain’s secure and transparent distributed ledger to let donors see that the intended party has received the funds.

          10. Voting
          Probably one of the most important areas of society that the blockchain will disrupt is voting. The 2016 US election is not the first time certain parties were accused of rigging election results. Blockchain technology can be used for voter registration and identity verification, and electronic vote counting to ensure that only legitimate votes are counted, and no votes are changed or removed. Creating an immutable, publicly-viewable ledger of recorded votes would be a massive step toward making elections more fair and democratic. Democracy Earth and Follow My Vote are two startups aiming to disrupt democracy itself through creating blockchain-based online voting systems for governments.

          11. Government
          Government systems are often slow, opaque, and prone to corruption. Implementing blockchain-based systems can significantly reduce bureaucracy and increase security, efficiency, and transparency of government operations. Dubai, for example, is aiming to put all its government documents on the blockchain by 2020.

          12. Public Benefits
          The public benefits system is another sector that suffers from slowness and bureaucracy. Blockchain technology can help assess, verify, and distribute welfare or unemployment benefits in a much more streamlined and secure way. GovCoin is a UK-based company that is helping the government to distribute public benefits using blockchain technology. The blockchain is also a good contender for implementing a basic income. Circles is a project working on developing a blockchain-based technology for implementing a universal basic income

          13. Healthcare
          Another industry that relies on many legacy systems and is ripe for disruption is healthcare. One of the challenges hospitals face is the lack of a secure platform to store and share data, and they are often victims of hacking because of outdated infrastructure. Blockchain technology can allow hospitals to safely store data like medical records and share it with authorized professionals or patients. This can improve data security and can even help with accuracy and speed of diagnosis. Gem and Tierion are two companies that are working on disrupting the current healthcare data space.

          14. Energy Management
          Energy management has been a highly centralized industry for a long time. Energy producers and users cannot buy it directly from each other and have to go through the public grid or a trusted private intermediary. transactive grid is a startup using Ethereum that allows customers to buy and sell energy from each other in a peer-to-peer way.

          15. Online Music
          Several startups are coming up with ways for musicians to get paid directly from their fans, without giving up large percentages of sales to platforms or record companies. Smart contracts can also be used to automatically solve licensing issues and better catalog songs with their respective creators. Mycelia and Ujo Music are two startups creating blockchain-based solutions in the music industry.

          16. Retail
          When you shop, your trust of the retail system is tied to the trust of the store or marketplace. Decentralized blockchain-based retail utilities work differently: they connect buyers and sellers without a middleman and associated fees. In these cases, trust comes from smart contract systems, the security of exchanges, and built-in reputation management systems. One startup disrupting the retail space is OpenBazaar.

          17. Real Estate
          Some of the issues in buying and selling real estate are bureaucracy, lack of transparency, fraud, and mistakes in public records. Using blockchain technology can speed up transactions by reducing the need for paper-based record keeping. It can also help with tracking, verifying ownership, ensuring the accuracy of documents, and transferring property deeds. Ubiquity is a blockchain-secured platform for real estate record-keeping that is an alternative for legacy paper-based systems.

          18. Crowdfunding
          Crowdfunding has become a popular method of fundraising for new startups and projects in recent years. Crowdfunding platforms exist to create trust between project creators and supporters, but they also charge high fees. In blockchain-based crowdfunding, trust is instead created through smart contracts and online reputation systems, which removes the need for a middle-man. New projects can raise funds by releasing their own tokens that represent value and can later be exchanged for products, services, or cash. Many blockchain startups have now raised millions of dollars through such token sales. Although it’s still early days and the regulatory future or blockchain-based crowdfunding is uncertain, it’s an area that holds a lot of promise.

          19. Your Industry
          If your industry deals with data or transactions of any kind, it is a field that can likely be disrupted by blockchain technology. Space is wide open and the opportunities are many.

  12. Question says:

    The whole press release is a joke. The government is aligning itself with shady amateurs.

    • Mb says:

      Yup…riddled with spelling mistakes…and bs. These people are scammers hope govt realises this. Do a search of the ‘principles’(sic) bad news

  13. Ringmaster says:

    Moron? The Government is spending $4m on an office building to use for incubator cyptocurrency business. I suggest you read what is happening in the real world. Cyptocurrencies are collapsing faster than they are mined and the hackers and fraudsters are having a field day. Jobs? Dream on.

    • Ok says:

      You just keep on thinking conservatively and miss the bus on crypto! The rest of us forward thinkers will capitalize on the opportunity! Thank you so very much!

  14. Steamy says:

    I sure hope all this works out and does not come back to us all up the proverbial you know what. The suspicion arises that a a very naive inexperienced Premier plus similar couple of Ministers are being duped – there’s a lot of truth in the statement ‘Beware of Greeks bearing gifts.’
    Hopefully, I’m wrong!

  15. Uncle Fester says:

    If Looks like a turd, sounds like a turd and smells like a turd….. chances are it’s a ….!

  16. Rocky5 says:

    This just smells to high-heaven. A foreign corporation “donating” $1M” to a foreign Govt.!! Surely this is a problem to the core even in little ole Bermuda!!???? How us the Bda. Govt going to “attempt to regulate” this company who has made so many “community/quasi Govt” “donations”!!!!! Just beyond the pale!! This is like Jetgate on STEROIDS X 1,000 !!!

    • Toodle-oo says:

      It does have the unmistakable smell of alleged bribes , eh ?
      Many of them !

  17. facts of the rock says:

    This is a Big CON Job!

    the plp have swallowed it hook,line and sinker and are being reeled in!

  18. Question says:

    So Victoria Hall is being sold to a bitcoin bank.

    And you PLP people have no problem with that.

    Suddenly you luuurve foreign bankers buying Bermuda’s real estate.

    Idiots.

    • Hey, Arbitrade is not a Bitcoin Bank.
      Its’ vision is outlined in the white paper.
      Downloadable from their website or http://www.blockhainbullion.io
      We are expecting a new white paper soon.

      Tu summarises though, it aims at using digital assets backed by precious metals, as well as having a number of industrial size mining facilities and an all in one business platform for banking, investment storage, and trading.

      I hope there is a meeting with the people of Bermuda so the company can outline their progress, intent to incorporate and create jobs for the Bermudian people

Leave a Reply