One of the first companies to be granted a digital assets business licence in Bermuda, and its subsidiary, which is collaborating with the Bermuda Government on a pilot digital token programme have been presented with the Most Innovative Trailblazer Award in the TechAwards 2020.

XBTO International, and its subsidiary Stablehouse Ltd, were presented with the award for outstanding achievement in information technology in Bermuda.

XBTO has also relocated some of its staff from New York and Europe to Bermuda. The XBTO and Stablehouse office has now grown to seven people, including two Bermudians.

Stablehouse’s collaboration with the Government on a pilot digital token programme, is expected to provide initial feedback on the viability of using digital tokens in facilitating the purchase of essential products and services.

This pilot digital token that is equivalent to a Bermuda dollar was created by Stablehouse for testing purposes. The pilot token is transacted on Blockstream’s Liquid blockchain protocol, while the free Greenwallet Mobile App enables payments via a point-of-sale terminal that has been provided by Stablehouse. The token is being tested in three locations with a select group of consumers and merchants, and there are plans to expand testing. The pilot scheme ultimately aims to show how blockchain technology can increase access to digital payments.

Kyle James, business development manager – infrastructure and technology at the Bermuda Business Development Agency, presented the award to XBTO and Stablehouse Ltd as a part of the Bermuda Technology Initiative Awards Programme.

Mr James said: “The Most Innovative Trailblazer Award is given to a company that has chosen Bermuda as their home and is not only using new technologies to conduct international business but is actively participating in the Bermuda marketplace and using the island as a test-bed for further development.”

Describing the purpose of the TechAwards, Marisa Stones, acting director of the Economic Development Department, said: “The objective is to foster a culture of technology and e-business excellence by supporting, instigating and facilitating, as appropriate, the continued growth and advancement of technology, technology-related business opportunities, legislation, skills and access, so that Bermuda continues to develop and be recognised as a prime and sophisticated jurisdiction in which to live and conduct business electronically.”

Accepting the award, Tasha Jones, chief operating officer of Stablehouse, said: “Thank you to the Government of Bermuda and the Bermuda Business Development Agency for granting us this award that we are honoured to receive. We enjoy the opportunity to live and work in Bermuda that is our jurisdiction of choice that is fintech friendly and innovative. We look forward to the future of expanding our operations and our team and creating more solutions for the industry and for Bermuda.”

Visit XBTO at https://www.xbto.com/ and Stablehouse at https://www.stablehouse.io/

View the 2020 TechAwards presentations on YouTube at: https://www.youtube.com/watch?v=9FQt_DaAT40&feature=youtu.be