Bermuda sees first cryptocurrency launch
E-sports company Unikrn Bermuda Ltd has made the island's first cryptocurrency launch.
Unikrn describes itself as a “regulated e-sports betting platform” and its freshly launched cryptocurrency is known as UnikoinGold.
Bermudian law firm Conyers was involved in the launch and Unikrn raised roughly $31 million in its digital token sale.
The e-sports start-up was founded in 2014 with backing from investors like Elisabeth Murdoch, daughter of media baron Rupert Murdoch, and actor Ashton Kutcher. In 2015, Unikrn also received financial backing from Mark Cuban, an American venture capitalist and owner of NBA franchise, the Dallas Mavericks.
Conyers said UnikoinGold's launch had surpassed every other e-sports and gaming token sale to date.
For the sale, Unikrn used smart contracts deployed via Ethereum to trade Ether, the cryptocurrency used on the Ethereum blockchain platform. Conyers director, Chris Garrod and associate, Jacqueline King worked on the matter.
Rahul Sood, CEO of Unikrn, said: “We see a future where UnikoinGold is in the hands of millions gamers and e-sports fans, ushering in incredible opportunities to use UnikoinGold inside and outside of Unikrn's own properties.”
Commenting on the deal, Chris Garrod said: “We were delighted to work with Unikrn on their launch. As technology and platforms advance within the crypto-sector, we can expect to see more of these transactions. This is especially true as innovations in blockchain continue to evolve”.
Bermuda has made important strides to support the technology sector, not only providing an ideal base for these companies to establish, but also acting as a forum for innovation, such as it relates to insurtech.
On November 6, Bermuda will host the inaugural GR Innovation & Insurtech conference, where thought leaders from the insurance sector will come together with influencers, entrepreneurs and scientists from the technology sector to discuss innovation and disruption in reinsurance.
The crypto-sector is growing at rapid pace and Conyers said: “It is expected that more technology-focused deals will take place on the island in the near-term, especially as the business capabilities made possible by blockchain technology become more commonly understood.”