Silicon Valley workers have often projected a casual image when it comes to clothing. During the early 2000s, entrepreneurs in a pair of Jeans and T-shirt set out to change the world. And, indeed they have.
More often than not, even interviewers have to choose between putting on a tie or not for an event with one of the Silicon Valley executives. Cryptocurrencies seem to have taken everything a step further. Recently, Jeremy Allaire, the CEO of Circle which manages Poloniex crypto Exchange donned a ‘Hawaiian red shorts’ over a formal jacket and tie at a meeting with Officials from Bermuda.
— Charlie Shrem (@CharlieShrem) July 22, 2019
Bermuda Expansion for Poloniex Exchange
Circle is the parent company of Poloniex Exchange. It has procured a license and launched a subsidy in Bermuda. Circle is one of the leading crypto firms which has also released a stablecoin – USDC. It has also received significant investment from Goldman Sachs until 2016.
They plan to serve non-US Poloniex customers with our new Bermuda operations. Poloniex is one of the oldest and regulated cryptocurrency Exchange. Currently, Poloniex has existing operations in the US, Ireland, the UK, and Hong Kong.
Bermuda enacted the Digital Assets Business Act of 2018 which provides for a complete regulatory framework for establishing and operating Cryptocurrency Exchanges. This is also prosperous for the British island territory. Edward David Burt MP, the premier of Bermuda noted,
…Circle will begin hiring immediately to grow their Bermuda office to more than 30 people over the next two years.
The lack of a regulatory framework for cryptocurrencies in the developed countries has often motivated the crypto entrepreneurs to look for help outside. This fact was reiterated recently by Venture Capitalist, Tim Draper at an interview. He said that the companies are moving to countries like Malta and elsewhere because of the delay and negative stance that Governments have currently held.
Do you think that the regulators should expedite their regulatory process or the market share of crypto is still lower? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com