Workers who lost their jobs in the banking sector will benefit from the Bermuda Government’s agreement with the Binance Group, David Burt said today.

Mr Burt told the House of Assembly middle-aged women who once worked in banking have been deemed overqualified.

He said: “Their skills are easily transferable to compliance. That is precisely the jobs that Binance will create in Bermuda.”

Bermuda signed a memorandum of understanding with Binance, a global cryptocurrency trader, last month.

Binance plans to develop a global compliance base on the island, which Mr Burt has said would create 40 jobs, at least 30 of them Bermudian.

Binance’s foundation will spend up to $10 million on training for Bermudians in blockchain technology development.

The trading company’s labs will also make up to $5 million available for investment in new Bermudian blockchain business.

• To read David Burt’s statement in full, click on the PDF under “Related Media”