Arbitrade mulls disposing of Victoria Hall

  • Future plans: Arbitrade is considering options for Victoria Hall, which it acquired in 2018. (File photograph by Akil Simmons)

    Future plans: Arbitrade is considering options for Victoria Hall, which it acquired in 2018. (File photograph by Akil Simmons)

Disposing of Victoria Hall is an option being considered by Arbitrade Ltd, which took control of the seven-floor office building in October 2018.

It acquired the property through an amalgamation with a local company, and it was to be its world headquarters. However, the building on Victoria Street appears to have been unused during the past 1˝ years.

When asked by The Royal Gazette if there are any plans for the use of Victoria Hall, the company said: “Arbitrade is considering options to either partner with strategic parties for the purpose of promoting blockchain development or to dispose of the property to similar strategic party.”

We also asked if Arbitrade was still in operation, as its website is no longer active, with the domain name expired.

In an e-mailed response, Arbitrade said: “With ongoing delays in mining and the suspension of ICO [initial coin offering] application, the company is considering all options”.

The company once claimed it had “title” to 395,000 kilograms of gold, worth about $19 billion at current prices. The gold was to be used to back four crypto tokens. However, in August it said it had terminated its gold trading agreements with Sion Trading FZE and divested itself of all interests in the gold which was provided to it by Sion under the agreements.

Three months earlier, the company said its acquisition of sister company Cryptobontix had never been completed, and therefore it had never owned that company nor assumed any liabilities for its four ingot tokens.

Stephen Braverman, the former chief operating officer of Arbitrade Exchange (Bermuda) Ltd, is now president of Delaware-headquartered Dignity Gold LLC, which, along with Dignity Mining Group, acquired Cryptobontix and its family of tokens, which are said to be backed by Sion Trading FZE’s “gold in Dubai”.

One of those tokens is called dignity. It reached a peak value of about 27 cents in 2018. Yesterday, amid a warning about irregularities in trading, its value fell to 0.0083 of a cent, as recorded by CoinMarketCap.

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Published Feb 14, 2020 at 8:00 am (Updated Feb 13, 2020 at 9:55 pm)

Arbitrade mulls disposing of Victoria Hall

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