Government has signed a Memorandum of Understanding with a second fintech business as efforts to build the industry in Bermuda continue.

David Burt, the Premier, announced this morning that an MOU had been signed with Medici Ventures with the intent to create jobs and educational opportunities for Bermudians.

The MOU was signed by Patrick Byrne, the founder and CEO of Overstock.com, of which Medici Ventures is a subsidiary.

The company was formed to incubate, launch and invest in blockchain investments.

A spokesman said the MOU established that Medici Ventures would make Bermuda its “laboratory” for blockchain innovations coming out of its stable of a dozen blockchain firms.

The MOU also promised at least 30 jobs in Bermuda over the next three years.

The company will develop a security token trading platform in Bermuda and work with the Bermuda Government to develop and improve a legal and regulatory framework.

Mr Burt said: “On behalf of the Government of Bermuda, I am extremely pleased to sign this MOU which demonstrates that global investors are taking note of what Bermuda is doing.

“We look forward to working with Medici to ensure that the commitments made in this MOU are realised.

“Bermuda is at the forefront of the fintech industry creating an environment in which Bermudian businesses can thrive, opportunities for Bermudians can be created and in which capable, qualified Bermudians can benefit from opportunities to train, work and succeed at every level.”

The signing comes days after Government signed and MOU with the Binance Group, which was promised to create 30 jobs for Bermudians and a $10 million investment in training.

The House of Assembly approved legislation to regulate Initial Coin Offerings on Friday, with legislation covering cryptocurrencies expected to be tabled soon.