Author: Wang Yanhua
Blockchain company Shyft announced today that it has signed a Memorandum of Understanding (MOU) with the government of Bermuda. This is part of the country’s vision to establish Bermuda as the blueprint for leveraging cryptocurrency and blockchain technology within a highly regulated progressive framework.
Shyft has pledged to support local blockchain-based initiatives and build local capacity in the areas of education, job creation and repatriation of Bermuda’s international workforce.
Bermudan Premier David Burt said:
“The Government of Bermuda has decided to lead the way and build interoperability into the government legislation, in essence, approach regulatory frameworks with exportability in mind. As a result, the country is able to accelerate economic growth, create jobs and attract global interest.”
Shyft Chairman Joseph Weinberg said:
“Shyft has an ambitious objective of building a global digital identity ecosystem that gives all citizens the opportunity to participate. We have a goal of leveraging new technology to make positive and inclusive change. We have found a similar intent and aspiration with the Government of Bermuda.”
MOU Terms and Highlights:
- Pledge to invest up to $10M USD over three years to support the people and government of Bermuda, create new jobs, help re-skill labour, invest in local businesses, education and infrastructure, as well as help repatriate skilled labor back into the country;
- Collaborate with the Government of Bermuda and all necessary oversight agencies in the development and improvement of a robust legal and regulatory framework; and
- Through the Department of Workforce Development, support the training of Bermudians in blockchain technology and software development.
As a testament to its strong belief in Bermuda’s position, Shyft has also announced a separate MOU with global data rights company, Trunomi, which was founded in Bermuda. Together, Shyft and Trunomi plan to leverage Shyft’s blockchain technology with Trunomi’s expertise in consumer consent frameworks to support Bermuda in its vision by implementing an innovative e-ID (electronic ID) framework.
Individuals and enterprises looking to leverage Bermuda’s world-class regulatory framework will not be limited by nationality or geography. The e-IDs that are issued will be globally inter-operable, enabling entities to transcend borders and operate globally.
“I’m proud to announce that as a result of this partnership and its strong synergies, entrepreneurs, enterprises, and blockchain companies all over the world will be able to leverage Shyft and Trunomi technologies to launch new products and services in Bermuda and globally,” said Bruce Silcoff, Shyft CEO.