Barbados news

Cryptocurrencies are unregulated but government supports cryptocurrencies to help local startups both politically and financially. Bitt, a Barbados based digital payments platform, to boost regional trade. Last updated: March 8, 2018.

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Blockchain Fintech Firm Bitt Digital Finally Gets Approval from Barbados Central Bank

After an 8-month long review, Bitt Digital Inc. has finally exited the rigorous Regulatory Sandbox of the Central Bank of Barbados and the Financial Services Commission. The process was successfully completed on July 5, 2019, making the company the first to achieve this almost insurmountable feat. Part of the tests offered by the Sandbox to […]
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Barbados approves blockchain fintech company Bitt for regulation

CryptoNinjas - Bitcoin, Cryptocurrency & Blockchain Asset SourceIt was announced today that on July 5th, Bitt Digital Inc. became the first company to complete and exit the Regulatory Sandbox guided by the Central Bank of Barbados and the Financial Services Commission. The Sandbox provided Bitt with the opportunity to test its blockchain-based financial technology (fintech) products, services, and business models in a […]

Tokenise digital asset exchange Daxnet granted Barbados stock exchange license

Tokenise International Limited, a Gibraltar based company that services both the Tokenise and Daxnet businesses, has announced that Daxnet has been granted a Self-Regulatory Organisation (SRO) license by the Financial Services Commission (FSC), Barbados. Daxnet, powered by Tokenise, will launch a multi-jurisdictional platform with a single, unified global order book. Tokenise will enable issuers to […]

Tokenise Digital Asset Platform Daxnet Granted Stock Exchange License by Barbados Financial Services Commission

Approval paves the way for Daxnet to become the first fully regulated stock exchange to provide primary issuance and secondary market trading exclusively for tokenised securities Tokenise International Limited, the Gibraltar based company that services both the Tokenise and Daxnet businesses, has announced that Daxnet has been granted a Self-Regulatory Organisation (SRO) license by the Financial Services Commission (FSC), Barbados. Daxnet, powered by Tokenise, will launch a multi-jurisdictional platform with a single, unified global order book.   Tokenise will enable issuers to tokenise traditional and new asset classes utilising blockchain technology, providing streamlined processes and frictionless market access for issuers and investors. These foundations create a full end-to-end solution for capital raising, enabling the primary issuance, secondary trading, clearing, settlement and registration of tokenised securities.  Through this structure Tokenise aims to create a market and trading infrastructure that will provide wider access, unlock liquidity and deliver flexibility to investors keen to buy or sell tokenised assets – ultimately generating more investment opportunities and offering access to institutional and qualified investors around the world. Michael Kessler, CEO of Daxnet, said: “We are delighted to have been granted the SRO license. We see this as the first step in providing a capital markets solution for entities looking to raise capital through the primary listing and secondary trading of tokenised securities.  As a result, this will enable both traditional investment vehicles, such as equities or bonds, and alternative offerings, such as fractional ownership of property and art or royalties and private equity, to be tokenised and traded and ultimately unlock access to greater liquidity.” The post Tokenise Digital Asset Platform Daxnet Granted Stock Exchange License by Barbados Financial Services Commission appeared first on The Fintech Times.
The Fintech Times

Barbados Project Plans STO to Raise Revialisation Funds

The post Barbados Project Plans STO to Raise Revialisation Funds written by Richard Kastelein appeared first on Blockchain News - Security and Utility Tokens, Tokenomics, Cryptoeconomics SM@RT, a US Blockchain-based Sustainable Economic Development Company, has announced the prelaunch of SM@RT BARBADOS which will seek to finance, via a Security Token Offering (STO), the execution of major development projects in Barbados across 20 different sectors, implementing the advanced technologies of the participating consortium companies. The STO will be in several stages, and […] The post Barbados Project Plans STO to Raise Revialisation Funds written by Richard Kastelein appeared first on Blockchain News - Security and Utility Tokens, Tokenomics, Cryptoeconomics
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Eyeing Digital Securities, Barbados Stock Exchange Chooses Blockstation

Blockstation SelectedThe Barbados Stock Exchange has recently announced that they have signed a Memorandum of Understanding (MoU) with Toronto based Blockstation. This agreement will see Blockstation provide the exchange with the tools and capabilities to support digital securities.Through the integration of Blockstation services into their longstanding secondary market platform, the BSE soon plans to offer its clients exposure to digital securities.Déjà vuIf this development sounds familiar, that would be because it is. Only weeks ago, we reported on a similar partnership announced between Blockstation and the Jamaica Stock Exchange. Much like the development discussed here today, the partnership formed with the JSE took place in the form of a MoU. This MoU was signed after the successful completion of a 60-day trial, seeing the exchange utilize services offered by Blockstation.As Blockstation continues to onboard clients, they will only become more attractive to the next potential partner.CommentaryAlong with news of this development, representatives from each company issued statements. Here is what each had to say regarding the partnership.Marko Hafez, CEO of Blockstation, stated,“Blockstation is thrilled to be working with the BSE to help diversify and grow their business by enabling the listing, trading and settlement of security tokens…Not only will we power BSE’s listings and trading volumes, our turn-key solution will facilitate access to new revenue streams for the exchange.”Marlon Yarde, Managing Director of the BSE, stated,“We are pleased to sign this agreement with Blockstation to accelerate our go-to-market strategy for security token offerings. We want to provide access to capital and liquidity for both local and international businesses through our International Securities Market (ISM)…Blockstation’s built-in compliance tools were absolutely pivotal in securing the support of our regulator. We believe that a partnership with Blockstation and their technology solution, will strategically position us to grow our digital asset business going forward.”Barbados Stock ExchangeThe BSE represents one of the largest companies of its kind within the small Caribbean nation. They began their rise to this level upon formation, in 1987.Under the watch of Managing Director, Marlon Yarde, the BSE provides its clients with access to a variety of assets through secondary market trading.BlockstationBlockstation is a Canadian company which maintains headquarters in Toronto, Ontario. The company has been in operation since 2014. Since their creation, Blockstation has successfully created a suite of blockchain-based products, focused on facilitating the rise of digital securities.This development is overseen by company CEO, Marko Hafez.In Other NewsWhile the Caribbean has demonstrated a growing interest in digital securities, they are by no means the only region in the world to have done so. Below are a few articles detailing developments from companies originating in various parts of the globe.Europe – Blockport Announces STOAsia – Thai Government to Legalize Security TokensNorth America – Inveniam Capital to Host $266 million Digital Security OfferingSouth America – Brazilian Bank, BTG Pactual, to Host Security Token OfferingThe post Eyeing Digital Securities, Barbados Stock Exchange Chooses Blockstation appeared first on

Barbados Stock Exchange (BSE) Signs MoU With Blockstation For Security Token Offering Listings

Barbados Stock Exchange (BSE) Signs MoU With Blockstation To Help Provide Its Clients With Security Token Listings Via a circular released earlier today, the Barbados Stock Exchange (BSE) formally announced its partnership with Blockstation that will allow customers to trade security tokens on its native exchange platform. As a result of this latest MoU, the […]
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Shyft Blockchain Network, Barbados’ Bitt Partner To Create Safe Data Ecosystem In The Caribbean

Shyft And Bitt Have Partnered To Create Safe Data Ecosystems In The Caribbean Region. Shyft has announced a partnership with Bitt to provide a secure data ecosystem for the Caribbean region. Shyft is a global network of information that provides a blockchain based ecosystem for secure and safe sharing of private data among consumers, institutions and government agencies. Bitt is a Barbados based company that enables P2P trades through its mobile money platform mMoney. As a result of the partnership, Bitt will become part of a safe ecosystem that utilizes Shyft technology to transfer data. Shyft’s network allows the financial establishment to act as trustworthy sources by executing verifications and sharing the information with customers. The two companies intend to leverage their strengths to reduce the charges associated with KYC and AML. With a safe environment for data transfer and the use of applications such as mMoney, Shyft and Bitt will propel Barbados to seamless transactions and efficient digitization of the economy. CSO of Shyft Network Fredrico Nassire expressed his confidence in the agreement stating that the companies enjoy strong synergy and as a result, are capable of propelling Barbados and other emerging markets in the Caribbean to boost economic growth. The goal is to create a secure and inclusive financial environment for citizens in Barbados and the Caribbean region. Simon Chantry, the co-founder and CBDO of Bitt says that as long as Bitt continues to create in-roads within the Caribbean, Shyft will deliver its services to clients that need it. According to him, the partnership comes handy with the deployment of mMoney, where institutions are looking to influence the wide KYC verification roles of mMoney together with Shyft’s secure KYC storage network. About Bitt Bitt is a fintech company that uses blockchain and distributed ledger technology to facilitate peer-to-peer transactions with seamless mobile money across Bitt software. The company operates a wallet that enables cash transfer over the internet, to pay for goods or services or directly to friends and families. Bitt is also the first company to launch a cryptocurrency exchange in the Caribbean, and supports the buying and selling of digital currencies. Their latest product, mMoney is a mobile money application that allows easy transfer and storage of money, and also allows clients to pay for products and access their money anywhere. Clients can pay registered mMoney merchants on the application. About Shyft Shyft operates a network that allows the secure transfer of trustworthy data across borders while protecting user privacy. The company uses strict verification methodologies to ensure that users understand the information they are sharing, who they are sharing it with, and how the information can be used. Shyft does not store personal data on the blockchain. Instead, it relies on “trust anchors”- third party institutions that have verified data. On the blockchain, the trust anchors confirm that the data has been submitted by a user, and attest to the validity of the data. Data owners hold private keys which allow them to grant access only at will. All transfers are done with the full consent and approval of the owners’ consent.
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Insurance Corporation of Barbados (ICBL) to Use Blockchain in Its Bitt Partnership

ICBL to Use Blockchain Technology in Its Partnership with Bitt ICBL (The Insurance Corporation of Barbados Ltd) on Wednesday, October 3rd, 2018 announced that it had entered into an agreement with Bitt. Bitt is a Carribean based digital payments firm. It will be responsible for deploying blockchain-based technology solutions that will be used by ICBL to boost inefficiencies on behalf of its consumers. Bitt and ICBL Partnership This new partnership is inclusive of improved client information automation, insurance claims issuance based on blockchain technology, and strengthened compliance monitoring. One of the components dealing with client information will touch on the new digital payment solution to be implemented by Bitt. The solution is to be integrated using its mobile wallet that is popularly known as mMoney. After its implementation, ICBL clients will now be in a position to complete payments using their smartphones. They will also have convenient access to their past payment histories. The Announcement When releasing the statement, Geoff Scott, the ICBL CEO and managing director said that they had sought input from their clients before arriving at this decision. In addition to seeking their input, they also paid increased attention to their needs as well as responses to past customer-focused inquiries. Geoff went on to state that their customers always expect convenience from ICBL at all times, more so when it comes to their interaction points. He said that clients are now requesting that the company releases a payment options menu that can be accessed from any location in the world. Another essential feature that comes with the mMoney application, and which attracted the ICBL team too it is the fact that it is capable of accepting regional digital assets. Once accepted, it can easily convert these assets into a common currency that can be used online, which is quite attractive for ICBL global clients. All the components of this agreement will be backed by a Financial Operations Management Panel, KYC (Know Your Client) Compliance Systems, and AML (Anti-money laundering) Compliance Systems. All these compliance systems are meant to make it possible for financial operators to monitor and track company activities. The Management system from Bitt has been designed to enable it to guarantee data integrity and maintain product data. Rawdon Adams, Bitt’s CEO stated that Bitt, at its core is a FinTech company. He went on to say that The Insurance Corporation of Barbados has chosen solutions from its suite of services and products that are capable of using ledger technology. This means that the selected products and services can efficiently be able to impact their day-to-day operations. Adams went on to say that this new agreement has presented Bitt with an opportunity to showcase its extensive range of capabilities. For its long list of clients, this will mainly comprise of behind the scenes, or back-end stuff. However, it is expected that these new capabilities will result in increased efficiencies for The Insurance Corporation of Barbados. In the long-run, they will help improve customer experiences, ensuring that all its clients get access to the products and services they need in a timely and efficient manner.
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Insurance Corporation of Barbados to utilize blockchain technology in partnership with Bitt

CryptoNinjas The Insurance Corporation of Barbados Ltd (ICBL) has announced an agreement with Caribbean blockchain payments company Bitt Digital Inc. (Bitt) to utilize blockchain technology solutions. ICBL will look to Bitt to help boost efficiencies on behalf of customers.... Insurance Corporation of Barbados to utilize blockchain technology in partnership with Bitt
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OKEx’s Token Will See 17x Growth in Price, Blockchain Investment Firm Forecasts

The recent popularity Initial Exchange Offerings (IEO) have been experiencing over the last few months has brought what it appears to be like a new bull run. An incredible example of success is the OKB token issued by OKEx, one of the largest cryptocurrency exchanges by trading volume in the world, which has impressed the market beyond expectations having experienced an increase in the price of 163% since launched. Shinobi Capital, a leading blockchain advisory firm and also an investor in early-stage start-ups, has released its latest evaluation report estimating that the OKB price will grow further to US$30.75, 17 times the current price, by the end of 2020. According to Jason Hill, the founding partner of Shinobi Capital:  Exchanges tokens will be the powerhouse of the development of the digital asset market and even blockchain technology. Following a series of IEOs powered by exchange tokens in H1 2019, the market is marching to the next round of bull run. OKB, as a market leader of exchange tokens, is also welcoming its own uptrend. Backed by a number of use cases and a large user base of OKEx, OKB has demonstrated a huge potential of growth. The established blockchain and cryptocurrency advisory firm is well-known for its extensive experience in start-up investment. In their evaluation report of OKB, Shinobi Capital lays out the two most important factors that will affect OKB’s future trading volume, the development of the OKChain mainnet and the overall the crypto market condition. Furthermore, the report also establishes a comparative evaluation model with other major platform tokens, including Binance Coin (BNB), EOS, and TRON (TRX). This comparative evaluation studies different aspects of each token such as trading volume, price patterns, and usage demand. The latest OKB buy-back & burn program is also taken into account to evaluate the token’s future price trend. It is expected that by the end of 2020, the price of OKB will reach USD30.75 and its market capitalization will be about USD7.068 billion. There is a significant growth lag in OKB at this stage, and the potential of price growth needs to be further released. In the next round of market recovery and boom, OKB is likely to become one of the fastest-growing assets in the market. Disclosure: This is a sponsored press release The post OKEx’s Token Will See 17x Growth in Price, Blockchain Investment Firm Forecasts appeared first on NullTX.

Ethereum Classic presents roadmap to improve DApp development and overall infrastructure

Experts of the cryptospace are making use of DApp services to simplify the entire blockchain process. Along these lines, Ethereum Classic’s [ETC] core development team has put forth an initiative to revamp its existing ecosystem. Moving forward with an aspiration for refinement, ETC’s team is developing fresh features over blockchain technology, a development that will […] The post Ethereum Classic presents roadmap to improve DApp development and overall infrastructure appeared first on AMBCrypto.

David Marcus Grilled During Facebook's Senate Hearing

During the first of two congressional hearings regarding Facebook's Libra cryptocurrency, project lead David Marcus went as far as to say he'd be willing to take his salary in Libra after intense grilling from Senator Sherrod Brown.
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David Marcus Questioned Over Libra by Congress

Facebook is finally facing its reckoning as David Marcus, head of the company’s blockchain division and the leader of Libra, the venture’s new cryptocurrency, was grilled by Senate members who refuse to believe in Facebook’s allegedly noble financial plans. Libra: A Congressional Issue? Many people have a hard time believing in Facebook’s morality following the Cambridge Analytica scandal. Discovered in 2018, Facebook had allegedly been selling users’ private data for years to third parties for advertising purposes. Following Mark Zuckerberg’s Senate hearing last year, trust in Facebook has fallen to an all-time low. In many ways, this new “congressional step” for the social media conglomerate should serve as a huge learning experience. When you’re a company of Facebook’s size and you do anything to compromise the safety or privacy of your customers, you can bet it’s going to take a long time to earn their trust back. Facebook is learning this lesson in spades right now, as several Senators taking part in the hearing commented about the lack of trust they feel towards the company and its executive team. Sherrod Brown, a Democrat from the state of Ohio, commented:  Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust. We’d be crazy to give them a chance to let them experiment with people’s bank accounts. Senator Martha McSally, a Republican from Arizona, stated that Facebook is simply trying to shift gears and get people to focus on something else entirely, in this case cryptocurrency. Rather than seriously attempt to fix its reputation, it’s working to divert people’s attention with an entirely new product. She says: I don’t trust you guys. Instead of cleaning up your house, you are launching into a new business model. In addition, Facebook is also being criticized for its complete lack of coordination with policymakers. Throughout the early development of Libra, Facebook’s executive team failed to make any contacts with regulators or legal authorities to potentially understand how the cryptocurrency could better satisfy present financial laws and terms.  Trust Takes a Long Time to Build At least David Marcus isn’t lying to himself. He acknowledged during the hearing that it would likely take a while before the company can earn people’s trust well enough that they would provide their banking details. He states:  I want to make it clear that we are only at the beginning of the journey. We expect the review of Libra to be one of the most extensive ever. Facebook will not offer the Libra currency until we have addressed the concerns and receive appropriate approvals… We will not control Libra and will be one of over 100 participants that will govern over the currency. We will have to gain people’s trust if we want people to use our network over the hundreds of competing companies. The post David Marcus Questioned Over Libra by Congress appeared first on Live Bitcoin News.
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Waves CEO Has Sold His Stake At Vostok, A Waves Blockchain Affiliated Project

Alexander Ivanov, the founder, and CEO of Waves has recently decided to fully sell his stake of Vostok, blockchain spin-off of the Waves platform. According to a recent press release, now only the GHP Group, which bought all the stakes, will be the owner of the project. The CEO also affirmed on the press release that […]
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