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Arbitrade could bring hundreds of jobs

Cryptocurrency plans: Len Schutzman, non-executive chairman of Arbitrade (Photograph by Scott Neil)

Coin and cryptocurrency exchange Arbitrade has spoken of bringing hundreds of jobs to the island as it sets up its world headquarters and digital exchange in Victoria Hall, on Victoria Street.

Members of its board have met on the island, and chairman Leonard Schutzman told The Royal Gazette that meetings have been held with David Burt, the Premier, and members of the Bermuda Government.

The company plans to launch an initial coin offering this year, expected to be worth $500 million. Gold is to be used to back the cryptocurrency.

“We feel that puts us in a unique position,” said Mr Schutzman, a former top executive with PepsiCo. He spoke about Arbitrade training Bermudians and creating jobs, and said the company could eventually have 400 employees on the island.

Arbitrade was this morning set to hold a media conference call to detail progress towards establishing itself as a “world-class cryptocurrency exchange and coin company”.