BDA lauds Islands tech potential


Bermuda's delegation to the Montgomery Summit in California forged fruitful connections with venture capitalists and industry influencers who have pledged their support to the island's emerging technologies sector, according to the Bermuda Business Development Agency (BDA).

Among those who met with National Security Minister Wayne Caines, industry representatives, and members of the BDA were American tech venture capitalist Tim Draper, who led investment in Tesla, Twitter and Skype and has been a strong advocate of bitcoin initiatives.

"We had a good discussion with Tim Draper and he was enthusiastic about Bermuda's plans in this sector," said the Minister. "We've invited him to join the global advisory board of our Bermuda Digital Asset Exchange as we work to develop blockchain-based cryptocurrency initiatives for the island. It was one of several informative and productive discussions we held over both days of the conference. We also had numerous opportunities to promote Bermuda as a top-tier jurisdiction, as the best choice for both start-ups and investors for global projects."

"The meetings we've had, the presentations we've made, they all underscored the fact we have to forge ahead in this space," said Caines. "Bermuda is open for business and people are excited about our country; now we need to invite the ICOs, funds, investors, start-ups and companies to our market. People are asking about Bermuda, about what the environment is like for new business, about how they can accomplish setting up on the island."

Chris Garrod, a partner at Conyers, said the island could feel confident positioning itself as the "blockchain laboratory of the world," just as re/insurance had long proven the Bermuda market's innovation and delivered solutions to global industry challenges.

"If we are to make this blockchain business successful in Bermuda, all we need to do is continue to do what we do best," said Garrod, a member of the government's blockchain legal and regulatory working group. "There's no reason why our world-class market can't do that."

BDA, blockchain, Caines, Draper, technology, support, business

Bermuda Re