The investment in Bermuda is happening and is real...
Arbitrade could bring hundreds of jobsCoin and cryptocurrency exchange Arbitrade has spoken of bringing hundreds of jobs to the island as it sets up its world headquarters and digital exchange in Victoria Hall, on Victoria Street.
Members of its board have met on the island, and chairman Leonard Schutzman told The Royal Gazette that meetings have been held with David Burt, the Premier, and members of the Bermuda Government.
The company plans to launch an initial coin offering this year, expected to be worth $500 million. Gold is to be used to back the cryptocurrency.
“We feel that puts us in a unique position,” said Mr Schutzman, a former top executive with PepsiCo. He spoke about Arbitrade training Bermudians and creating jobs, and said the company could eventually have 400 employees on the island.
http://www.royalgazette.com/international-business/article/20180628/arbitrade-could-bring-hundreds-of-jobsArbitrade State They Will Donate $1M To Co-Working Space That Govt Purchased For $4MThe 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.
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.”
Government responseThe statement, in full, reads: “The Fintech Development Fund was passed in the Senate today.
“When the fund is set up and contributions can be received, the Government will make such contributions public.
“We are pleased that companies are looking to set up in Bermuda, planning to invest in building our fintech industry and supporting community initiatives.
“The same way insurers assisted with developing our insurance industry while supporting community organisations over the years.”