Under the MOU, Shyft will invest up to USD 10 million over the next three years to support the people and government of Bermuda, create new jobs, help re-skill labour, invest in local businesses, education and infrastructure, as well as help repatriate skilled labour back into the country. Moreover, it will collaborate with the government and all necessary oversight agencies in the development and improvement of a robust legal and regulatory framework.
Shyft has also signed a separate MOU with global data rights company, Trunomi, which was founded in Bermuda. Together, they plan to leverage Shyft’s blockchain technology with Trunomi’s expertise in consumer consent frameworks to support Bermuda in its vision by implementing an e-ID (electronic ID) framework. The e-IDs that are issued will be globally interoperable, enabling entities to transcend borders and operate globally, according to EconoTimes.
Recently, the government has been collaborating on a number of blockchain initiatives with the purpose of establishing the country as the regulated hub for blockchain business and digital assets. It signed MOUs with Medici Ventures and Binance Group.
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