Cryptofinance company XBTO International, which is incorporated in Bermuda, has donated $50,000 towards the cost of running the Bermuda Hospitals Board’s vaccination clinic.

It made the donation in response to an appeal by the Bermuda Hospitals Charitable Foundation, the fundraising arm of the BHB, which hopes to raise $220,000 to cover a shortfall in funding.

The appeal was launched to raise money to cover the cost of the hospital’s Covid vaccination clinic. The pandemic has put a huge financial strain on the BHB. Health minister Kim Wilson said she had “grave concerns” about the financial outlook for the health system as a result of the costs associated with controlling the spread of Covid-19.

Nicolas Genechesi, chief executive officer of XBTO International, said: “The Covid-19 pandemic has had an unprecedented impact on the island of Bermuda and the world at large. We are proud to support BHB in its efforts to drive forward the Government of Bermuda’s vaccination programme.

“We understand the importance of rolling out the vaccination to the people of Bermuda as quickly and as safely as possible. It is our best chance of returning to normality. We are delighted to be able to make a difference in the national fight against Covid-19.”

The $50,000 will go towards funding the staffing and administration of the vaccination programme.

Lisa Sheppard, executive director at the Bermuda Hospitals Charitable Foundation, said: “We want to extend our thanks to both XBTO International for such a generous donation and their ongoing support in helping the island roll out the Covid-19 vaccination as soon as possible. Vaccinating as many of the population of Bermuda as possible is a national priority for personal and island immunity. This incredibly kind donation makes it possible to increase the number of people who can be vaccinated in Bermuda and supports the staff running the clinic.”

XBTO International serves the crypto-investment community and has made investments to create stability in the industry by leveraging trading experience and technical knowledge of blockchain.

The company said Stablehouse, a portfolio project of XBTO, provides “speed and transparency for participants of the global stablecoin market through its payment solutions and is based and regulated in Bermuda”.

Stablehouse has launched a test pilot programme for a digital stimulus token in collaboration with the Government of Bermuda and has raised more than $2 million in seed funding.