Shyft, a blockchain-based digital identity solution has signed a Memorandum of Understanding (MOU) with the Government of Bermuda, led by the Premier of Bermuda, the Hon. E. David Burt, JP, MP.
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 with an emphasis on strong Know Your Customer (KYC) and compliance.
Recognizing that Bermuda wants to become a leader in technology in the modern world, 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. Shyft will assist Bermuda by leveraging their expertise in KYC/AML and blockchain-based identity verification.
“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. This is our Bermuda jurisdiction as a service, the high level of exportability ‘stack’ that includes technology, regulation, process, and protocol that we have built with assistance and commitment of modern companies like Shyft with expertise in handling KYC and Anti Money Laundering (AML) compliance. As a result, the country is able to accelerate economic growth, create jobs and attract global interest,” says Premier David Burt. “We’re leading the world in digital assets regulation, there’s no other country that provides comparable certainty and progressive regulatory environment.”
“We’re thrilled to announce our investment in Bermuda,” says Shyft Chairman Joseph Weinberg. “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 labor, 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 interoperable, 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,” says Bruce Silcoff, Shyft International CEO.