Stablehouse Test Pilots Digital Stimulus Token

September 3, 2020 | 3 Comments

Stablehouse have commenced a “test pilot program for a digital stimulus token,” the company said.

A spokesperson said, “Stablehouse, a pioneering payment and FX exchange platform for stablecoins, and the Government of Bermuda have commenced a test pilot program for a digital stimulus token. The goal of the pilot is to explore and demonstrate the viability of digital tokens to enable the purchase of food and essential products and services through participating on-island merchants and retailers.

“A private beta pilot has begun with a select group of consumers and merchants to provide initial feedback and validation on the use of a stimulus token for in-person payments. The pilot is supported by the digital token created by Stablehouse, a wallet app, and a point-of-sale solution. On successful completion of the private beta pilot, additional phases are being proposed in collaboration with the Bermuda Economic Development Corporation for a wider public roll out with select merchants in Bermuda’s Economic Empowerment Zones.”

Premier David Burt said, “Bermuda is keen to establish itself as a leader in supporting innovative private sector digital asset solutions and to work with locally licensed companies to drive digital asset adoption. A key part of that is not just creating regulatory frameworks but also actually working with and using the products created by companies that choose Bermuda as their home.”

Philippe Bekhazi, CEO of Stablehouse, said, “The COVID-19 Pandemic has laid bare the need for digital payments solutions to help businesses survive and overcome an uncertain and challenging market backdrop. The stimulus token is designed exactly to do that, by giving merchants more accessible and practical payments options in the evolving digital age.

“For consumers, it alleviates the dependency on cash amid the ongoing health concerns, while providing an easy and convenient payment channel. Together, with the Government of Bermuda, we aim to set a benchmark for all governments around the world to pursue digital stimulus solutions.”

Premier Burt tweeted the photos below, saying: “I’m pleased to have participated in the pilot testing of @stablehouse_io’s digital stimulus token and look forward to its wider rollout to EEZ businesses. It’s a great showcase of Fintech innovation and a step toward making payments more accessible for Bermudian entrepreneurs.”

Premier David Burt Bermuda Sept 2020 (1)

Premier David Burt Bermuda Sept 2020 (2)

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Comments (3)

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  1. Unbelievable says:

    Ok two things:

    Has anyone actually been to this Stablehouse’s website? Who are these people? Are they BDA based or from overseas?

    And how does this affect the economy? It’s all well and good and shiny and new but how does this turn the Government’s finances around? Well guess what you lot? IT DOESN’T. This is 100% just a photo opportunity to make it look like things are ticking along great. And we all should know that they are not.

    And Bermuda is not a leader in this kind of thing. Other countries have been doing this for years! Once again this is the David Burt pretending to “innovate”. Oh please.

    • Bob says:

      You must be asleep. Dont you see the dollar is about to collapse? Digital asset adoption in Bermuda os vital! Crypto currencies will take over very soon. I recommend you read up all about it and get yourself a digital wallet and start filling up your portfolio.

    • Denis Pitcher says:

      Stable house has a Digital Asset Business license and I’d the sister company of XBTO.

      Their CEO and some executives live on island as do some developers. Their COO is a Bermudian and they’re hiring Bermudians.

      Stable house did not charge the government anything for this project and has even funded the credit to stores for initial testing.

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