Blockchain Startup Shyft Signs MOU With Govt. of Bermuda For $10 Million

by | May 21, 2018 | Blockchain, Cryptocurrency News

Bermuda | Blockchain Startup Shyft | Memorandum of Understanding | USD 10 Million | Blockchain in Bermuda | Blockchain updates

By now you must be highly aware of Blockchain and its deployment in different sector around the world to bring in cost-effectiveness, strengthen security and rebuild a smoother infrastructure for several platforms.

Latest in the news is Blockchain identity solution provider Shyft has signed a memorandum of understanding (MOU) with the government of Bermuda to support local blockchain projects. Shyft has pledged to invest up to $10 million in Bermuda over a three-year period, creating new jobs, helping to re-skill workers and investing in local businesses, education and infrastructure.

Shyft is a multi-layer blockchain network enabling users to securely obtain, store, inquire about, and work with “regulatory-compliance-satisfying” data. Shyft leverages off-chain know your customer (KYC) processes within a shared ecosystem, using diverse types of data to build credible consumer profiles, including credit, reputation, and regulatory due diligence.

Shyft Chairman Joseph Weinberg said,

“Shyft has an ambitious objective of building a global digital identity ecosystem that gives all citizens the opportunity to participate. We have a goal of leveraging new technology to make positive and inclusive change. We have found a similar intent and aspiration with the government of Bermuda.”

The company has also signed a separate MOU with Bermuda-headquartered Trunomi, which aims to leverage Shyft’s blockchain technology with its expertise in consumer consent frameworks to support Bermuda in the implementation of an electronic ID framework.

Other highlights of the memorandum include a pledge that Shyft will collaborate with the Government and all necessary oversight agencies in the development and improvement of a robust legal and regulatory framework. It will also support training of Bermudians in blockchain technology and software development.

Bermuda Premier David Burt said that his country has decide to “lead the way and build interoperability into legislation, in essence, approach regulatory frameworks with exportability in mind.”

“This is our Bermuda jurisdiction as a service, the high level of exportability ‘stack’ that includes technology, regulation, process and protocol that we have built with assistance and commitment of modern companies like Shyft with expertise in handling KYC and anti money laundering (AML) compliance. As a result, the country is able to accelerate economic growth, create jobs and attract global interest.”

Interestingly, just a few weeks ago, Binance Group, which operates what it claims to be the world’s largest cryptocurrency exchange, signed an MoU with the Bermuda government, pledging to put USD 15 million towards educational programs related to blockchain technology.

Read More: Binance and Bermuda Collaborate For A $15 Million Crypto Investment

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