[Written by Patrice Horner]
The first day of the Digital Finance Forum [DFF] in Bermuda revealed a host of successes, including Bitcoin Suisse receiving its Asset Management License from the BMA. Franklin Templeton partnered with Kraken crypto currency exchange to use the BENJI token for select investment funds. CIRCLE announced it is launching its multicurrency platform ARK. And COINBASE will use Agent AI for programmable crypto to trigger at certain hurdles. Bermuda native APEX in now a US qualified custodian and registered on the future and option exchanges, to bring them under one platform for ‘unified liquidity’.
Two keynote speakers brought the progress home. Charles Hoskinson, CEO of the Input-Output Group questioned whether DiFi will really be decentralized a benefit to billionaires and for the unbanked, or engulfed by largest financial companies, who are creating closed systems for their control. Hoskinson first came to Bermuda for a TEDEX event. In his fourth iteration of crypto he created an open system called MIDNIGHT. There is a UK bank of the same name transacting with that crypto token. It is experience significant growth. It is a Rules based system. There are zero knowledge proofs for security. ‘The iPhone has more security that your largest bank. Put an i-passport on a phone as proof they are able to transact.’
Charles Hoskinson, CEO of the Input-Output Group
‘I am passionate about this and the job is not done.’ This is how we can make peace with people when you do business together. Blockchain is truth agent.
Spencer Applebaum elaborated on ‘Where is the Alpha in Digital Assets?’. Applebaum is the Co-Head of Venture for Multicoin Capital founded in May 2017, pioneering token economic models and valuation methodologies. They manage long duration capital on behalf of venture capital funds, family offices, institutions, and high net worth individuals using a variety of DiFi strategies. Applebaum presented an update on their Thesis of Open Finance. It proposes that crypto networks will unlock a new era of finance by having interoperable, programmable, and composable on distributed ledgers for all units of value, including stocks, bonds, real estate, and currencies. Permissionless decentralized finance [DeFi] will make capital markets more efficient and accessible to everyone on the planet. Whereas permission-based systems can be under the control of large financial systems or countries. Multicoin Capital believes the permissionless approach will foster more individual wealth and the ability for individuals to be sovereign over their assets.
The Digital Finance Forum [DFF] in Bermuda displayed the incredible progress in the global digital finance or DiFi industry, in large part led by Bermuda. In 2018, the country passed one of the first Digital Asset Business Acts or DABA. It enabled companies vetted by the BMA to register in Bermuda and verify their technology for digital business. DFF is hosted by the BDA, SALT and Penrose Partners. The Forum was opened by Premier Burt on May 12th at the Hamilton Princess. On May 5th the Premier announced that “Cabinet has approved a framework to allow the Government of Bermuda to accept and invest in digital assets within a clear regulatory structure”.
Bermuda holding a Community Day on Thursday, May 14th. The Community Day is designed to be an inclusive, hands-on learning experience for Bermuda citizens to engage with digital finance tools and technology. The DFF Community Day is at Pier 6 at 24 Front Street from 2-5pm with a closing party thereafter. Tickets are available on Ptix.
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