More than 60 local businesses and over 1,000 residents have been onboarded to Coinbase wallets and USD Coin on Base, Coinbase’s ethereum-based network.

This growth has occurred through workshops and community activations delivered with local partners, including the Bermuda Economic Development Corporation and Penrose Partners, according to a Government statement.

Brian Armstrong, cofounder and CEO of Coinbase Global, was on the island this week and observed first-hand the progress of Bermuda’s onchain economy initiative, by visiting Ashley’s Lemonade stand at City Hall on Monday.

He was joined by David Burt, the Premier and Minister of Finance, together with Jeffrey Baron, the head of Coinbase Bermuda, the island operation of the global cryptocurrency exchange. They were part of an entourage that created a City buzz late in the day.

Mr Baron has served as chief operating officer of Coinbase Bermuda since 2023.

Mr Burt welcomed Mr Armstrong for a meeting at the Cabinet office, the statement said, to discuss ways the government and Coinbase can continue a partnership in driving local adoption of digital finance and achieving the onchain economy vision.

Coinbase’s support, including community USDC airdrops at the 2026 Bermuda Digital Finance Forum, has put digital dollars directly into residents' hands to spend with local vendors, the Government statement said. More than $65,000 in USDC has moved through the programme so far.

Mr Burt commented: “When we introduced Bermuda’s onchain economy vision in Davos, we said that its success would be measured by what it delivers for Bermudians.

“(The) visit demonstrated how digital dollars are moving beyond discussion and into practice within our community. We are grateful for Coinbase’s partnership and look forward to building on this progress together.”

The Government said, that together with its partners, further community activations are planned for the next Bermuda Digital Finance Forum in April.

The Government statement said: “Mr Armstrong and members of the Coinbase executive team met local business owners who now accept USDC, alongside Hamilton Mayor Michael Branco in his capacity as independent director at Coinbase.

The group took part in a live demonstration of USDC payments at Ashley’s Lemonade in Hamilton and heard from vendors about how digital payments have helped them reduce costs, save and invest.

Traders Union News highlighted some of the developments taking place at Coinbase, reporting: “Brian Armstrong highlighted on social media that Coinbase’s AI agent platform is rapidly adopting user-generated feature requests, with numerous enhancements deploying in under 24 hours.

“This underscores the company’s commitment to innovation and customer-driven product development, which can boost user engagement and adoption.”