Coinbase, Circle Announce Support To Create World’s First ‘On-Chain Economy’ For Bermuda: Brian Armstrong Says It Will ‘Drive Economic Freedom’
Coinbase Global Inc. (NASDAQ:COIN) announced Monday its support for Bermuda’s ambitious plan to become the world’s first “fully on-chain national economy.”
Bermuda’s Leap Into On-Chain Finance
The announcement was made at the World Economic Forum Annual Meeting in Davos. The Government of Bermuda, in collaboration with Coinbase and Circle Internet Group Inc. (NYSE:CRCL), intends to transform the nation’s economy through the use of digital asset infrastructure and enterprise tools in administration, local banks, insurers and businesses.
The initiative also includes nationwide digital finance education and technical onboarding.
“With the support of Circle and Coinbase, two of the world’s most trusted digital finance companies, we are accelerating our vision to enable digital finance at the national level,” said Bermuda Premier E. David Burt.
Brian Armstrong, CEO of Coinbase, expressed his excitement about the project, stating, “Excited to support Bermuda’s transition toward an on-chain economy that empowers the people, local businesses, and institutions. Open financial systems will drive economic freedom.”
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