The country already has 66 incorporated companies ready to apply for Signature Bank’s offerings.
New York-based bank Signature Bank and the government of Bermuda have issued a joint announcing the full services Signature Bank will now offer to the country’s firms. Starting right away, the bank will be accepting banking services applications from Bermuda-licensed companies.
David Burt, the premier of Bermuda, stated in the press release that the government has been “working diligently to promote Bermuda as the destination of choice for companies.” In April 2018, Bermuda’s House of Assembly the Companies and Limited Liability Company (Initial Coin Offering) Act. The legislation created a regulatory framework for ICOs on the island and was passed just hours after the country signed a memorandum of understanding (MoU) with exchange . In the , agreed to donate up to $15 million worth of funding for university-level educational programs related to development, as well as for investments in Bermuda-based companies.
In May 2018, furthering the country’s strategy to encourage the growth of its industry, Burt laid out a series of developments and new partnerships. A second MoU was signed with accelerator Medici Ventures, a subsidiary of Overstock.com, in which the company to:
“a) make Bermuda its laboratory for the most leading edge innovations coming out of its stable of a dozen firms; b) create at least 30 jobs in Bermuda over three years; c) as soon as practicable, develop a Security Platform in Bermuda … and d) focus its social contribution in Bermuda on nurturing a proper pipeline for creating basic, intermediate, and advanced software development engineers.”
Along with the MoU, Burt announced that Standard & Poor’s Global Ratings elevated Bermuda’s credit to positive, the country’s “A+ long-term sovereign credit … as well as its A-1 short-term ratings and its AA+ transfer and convertibility assessment.”
In yesterday’s press release, Signature Bank’s vice chairman John Tamberlane stated that the bank was impressed with Bermuda’s moves to promote its companies’ growth and the improvements made to the country’s tech . According to the release, 66 companies have already been incorporated in Bermuda, with Signature Bank set to fill the void where the country’s own banks have been reluctant to take on the risk of dealing with digital assets.
The release also highlights Signature Bank’s own work with Signet, a -based digital platform set to be offered by the bank. by the New York Department of Financial Services in December 2018, the system allows funds “to be transferred in real-time between two commercial clients of Signature Bank, eliminating any dependence on a third party.”
Nicholas Ruggieri studied English with an emphasis in creative writing at the University of Nevada, Reno. When he’s not quoting Vines at anyone who’s willing to listen, you’ll find him listening to too many podcasts, reading too many books, and crocheting too many sweaters for his , RT and Peterman.
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Published at Fri, 01 Mar 2019 23:18:13 +0000
