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Premier welcomes Arbitrade’s property move

Sold: cryptocurrency exchange Arbitrade has bought the Victoria Hall office building in Hamilton

David Burt has welcomed news that cryptocurrency exchange and coin company Arbitrade has bought Victoria Hall and will use the seven-storey building for its global headquarters.

The Premier said: “The announcement of the purchase of Victoria Hall by Arbitrade represents confirmation of their commitment to Bermuda.

“Having submitted their application to purchase the building and subsequently passing all financial and background checks, it must be noted that the Registrar of Companies had no objections and the Chamber of Commerce have expressed their support.”

He added: “We thank Arbitrade for this tangible sign of commitment to Bermuda and look forward to further announcements as the island continues to set the pace for the world in fintech.”

Arbitrade announced today that it had completed the acquisition of Victoria Hall. It said it intends to renovate the vacant property, which will be its global head office.

The company has also stated it will begin hiring — which will include opportunities for Bermudians — once its subsidiary, Arbitrade Exchange (Bermuda) Ltd, has been licensed under Bermuda’s Digital Asset Business Act.

Victoria Hall was on the market for $6.5 million earlier this year when Arbitrade announced its intention to purchase the property on Victoria Street.

In a statement today, Len Schutzman, chairman of Arbitrade Ltd, said: “This purchase represents Arbitrade’s commitment to Bermuda as the world’s leading jurisdiction in the digital asset space.

“The company now proposes to make plans to renovate the building to house its global head office digital asset exchange.

“Once its subsidiary, Arbitrade Exchange (Bermuda) Ltd. is licensed under the Digital Asset Business Act 2018, it intends to commence its hiring process, which will create numerous training and employment opportunities for Bermudians.

“Arbitrade Ltd is very excited about developing its long-term partnership with Bermuda for all Bermudians.”

Arbitrade has previously announced plans to have four crypto tokens backed by $10 billion of gold and other precious metal bullion.

In addition, the company has said it will donate $1 million to the Government to help pay for the refurbishment and launch of a fintech co-working incubator space in Hamilton, and has expressed a desire to donate a further $125,000 to a variety of projects including the Mirrors programme, Family Centre, an Alice programme for active shooter preparedness in schools and charities, and a gang violence reduction proposal that is to include gang members being paid to work on chicken farms.

This article has been updated to include comments by the Premier.