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16th of July 2018

Economy



Arbitrade Statements: Building, Donations, More

During their recent press conference call, Arbitrade — which previously announced its home domicile will be Bermuda — reportedly said they will be “donating $1 million to the Government’s new state-of-the-art co-working space,” made statements about other donations, and said they “recreated a gold standard for the cryptocurrency sector.”

Arbitrade Statement On Gold Standard

During the call, the company said, “We recreated a gold standard for the cryptocurrency sector. In partnership with Sion Trading FZE, out of Dubai, which is one of the only licensed gold traders on the Dubai Gold Exchange, we will be granted $10 billion worth of physical gold, which we are receiving title to.”

Audio Of The Press Conference Call As Made Available On Various FinTech Websites

Arbitrade State They Will Donate $1M To Co-Working Space That Govt Purchased For $4M

The company said, “Furthermore, we would like to extend our gratitude to the people of Bermuda. We’ll be following through with several actions here. We’ve been asked to allow the people of Bermuda the first right of a free ICO position when we launch our ICO. We accept those terms.

“We would like to also further offer some things to the people of Bermuda. Today we will be donating $1 million to the government’s new state-of-the-art co-working space, an incubator for the new FinTech sector.

“The government has purchased a building at Park Place for $4 million, and Arbitrade will be donating $1 million for the refurbishment and launch of that facility in the coming months ahead. That donation will be done early next week.”

Arbitrade State Victoria Hall Property Expected To Close In Two Weeks

“We will be adding several jobs,” the company is reported to have said. “Head office in our new seven-story office tower called Victoria Hall, which that property is expected to close within the upcoming next two weeks.

“After that, that building will be renovated over the summer to accommodate everybody with new computers, phone systems, management staff for training. At that point, we have to train all the staff in order to understand the operating system, how to handle support, and how to handle compliance.

Arbitrade Statements On Donations 

The company said they would be donating $25,000 to the Mirrors programme and $25,000 to the Family Center, which are both well known and established organisations in Bermuda.

In addition, Arbitrade alleged they would be donating to an “active shooter preparedness” programme and a gang violence reduction proposal said to involve chicken farming.

According to the reported transcript and audio recordings [1] [2] [3], an Arbitrade representative said, “The government has launched a gang violence reduction proposal with the BDA and the government, and Arbitrade would like to help them in their therapeutic gardening initiative, where five acres have been given to the government where gang members are taught therapeutic farming and plant husbandry.

“And then, also chicken farming. Gang members will be paid to work on the chicken farms, but this costs money, and Arbitrade would like to assist in that as we help Bermuda develop the most advanced student and young person learning process into the FinTech sector, and to help them get off the streets and into education, Arbitrade will donate $45,000 to that initiative.”

“Then ALICE. ALICE program is a big program for active shooter preparedness taught by the FBI at schools and local charities. Arbitrade will donate $30,000 to this initiative,” the company said, citing a programme which appears to take place overseas, not locally.

In an effort to clarify the statements above, we have sent multiple requests over the past few days seeking confirmation or denial these statements were made and/or clarification on the veracity of them, and while we have not yet received a response to some queries, we will update if able.

Audio Extract Of The Press Conference Call | Comments About Bermuda

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Minister States Arbitrade Made ‘Significant Pledge of $1.125 Million To Bermuda’

While all of Arbitrade’s statements have not been confirmed by Government at this time, the Government did confirm that the company made a “pledge of $1.125 million to Bermuda.”

In response our queries, Minister of National Security Wayne Caines said, “The Bermuda Fintech Development Fund Act, having been approved in the House, is set to be debated in the Senate this week and will serve to leverage the revenue and corporate citizenship donations from the Fintech industry for the broader benefit of Bermuda.

“We are grateful to Arbitrade, which has recently made a significant pledge of $1.125 million to Bermuda as part of their local corporate citizenship initiatives. The funds will service educational, community and innovation-oriented projects.

“We look forward to receiving the funds and sharing details of the approved recipients once the Fund has been set up.”

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