BlockFi begins staffing Bermuda office
BlockFi, the global crypto financial services company, is recruiting staff for an office in Bermuda.
The company, which also has operations in New Jersey, is advertising for a head of Bermuda AML, and head of risk, to take up posts on the island.
The ads appear on LinkedIn, the American business and employment-oriented online service.
BlockFi announced the launch of an office on the island earlier this year, saying it would service all non-US clients after its Bermudian-based subsidiary company was granted a Class F digital assets business license by the Bermuda Monetary Authority.
New Jersey-headquartered BlockFi is the parent company of BlockFi International Limited, the license holder in Bermuda.
With this license, BlockFi said, it will centralise its existing products and services for non-US retail and institutional clients under a comprehensive and clear regulatory framework for crypto currency financial service providers.
The company said the office in Bermuda is to be staffed by a combination of local talent and existing BlockFi staff.
The advertisement on LinkedIn says candidates must be “Bermuda based or (have a) willingness to relocate to Bermuda”.
On BlockFi being granted a license by the BMA, Zac Prince, chief executive officer and co-founder of the company, said: "This licence and the sound regulatory framework that Bermuda provides are a strong fit for our global business and our ambitions for the future.
"We look forward to collaborating with the Bermuda Monetary Authority as we expand our presence in Bermuda, continue to deliver innovative products and services to our clients worldwide, and remain the most trusted financial service provider in crypto."
He added: "Bermuda offers BlockFi the ideal jurisdiction from which to run our non-US operations as it combines a robust legislative and regulatory framework with the oversight of an experienced financial services regulator."
The search for Bermudian-based staff comes two months after the company announced that it was shedding approximately 20 per cent of its workforce, saying it had been impacted by a dramatic shift in macroeconomic conditions.
The company had expanded from 150 staff at the end of 2020 to about 850 employees before the announced cuts.
BlockFi is among 14 digital asset companies licensed and regulated by the BMA that have created Next, a first-of-its-kind industry association, on the island.