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Technology companies to invest $25m

Pledge made: Patrick Byrne, CEO of Ovesrtock.com, signing an MOU with the Bermuda Government in April as David Burt looks on. The MOU between Medici Ventures, a subsidiary of Overstock.com, and the Bermuda Government, was one of four MOUs tabled in the House of Assembly (Photograph provided)

Job creation and up to $25 million of investment, including job training, are among pledges given to the Government by four technology companies establishing a presence on the island.

Details of the signed memorandums of understanding were tabled in the House of Assembly by David Burt.

One of the MOUs is with Binance Holdings Limited, which has undertaken to provide up to $10 million for training and another $5 million in investment in Bermudian-based blockchain companies.

Omega One, in a separate MOU, has promised to donate 10 per cent of venture philanthropy to support “community sporting clubs in Bermuda”.

In another MOU, Shyft Network Inc has pledged to spend up to $10 million on investments in Bermudian-based companies and education.

The fourth MOU was signed with Medici Ventures LLC, a subsidiary of Overstock.com. It intends to create 30 jobs in Bermuda.

The Premier told the House of Assembly: “These MOUs outline the beginnings of solid working relationships with leading companies in this new area of development.

“Our commitment is to work with these partners in the implementation of these undertakings as we develop Bermuda’s fintech industry.

“This government is determined to diversify this economy and it is becoming clear that the fintech industry can become another source of economic growth for Bermuda’s economy.”

Mr Burt, who is also Minister of Finance, added: “Bermuda is a global leader in digital asset regulation and we are creating an environment in this country where legitimate companies can establish a presence to provide services to the world.

“Based on these commitments, we stand to create 120 jobs for Bermudians over the next three years. Most significantly, we believe in investing in our people and the institutions that strengthen our communities, so we are encouraging these corporate partners to tangibly do the same with education, our community sporting clubs and in training Bermudians.”

A memorandum of understanding is a non-binding agreement between two or more parties that outlines terms and details of each participant and their requirements and responsibilities.

It carries a degree of seriousness and respect and is often the first stage in the formation of a formal contract.