Furthering its blockchain initiatives, the government of Bermuda has signed a Memorandum of Understanding (MoU) with Medici Ventures, the blockchain-focused subsidiary of online retail giant Overstock.

The MoU is aimed at incubating, launching, and investing in blockchain projects engaged in areas such as land titling, central banks, capital markets, voting, and healthcare.

“On behalf of the Government of Bermuda, I am extremely pleased to sign this MOU which demonstrates that global investors are taking note of what Bermuda is doing. We look forward to working with Medici to ensure that the commitments made in this MOU are realized,” Premier David Burt stated.

Under the agreement, Medici Ventures will make Bermuda its laboratory for the most leading edge blockchain innovations; create at least 30 jobs in Bermuda over three years; develop a Security Token Trading Platform in Bermuda subject to all required legal and regulatory processes; and nurtur a proper pipeline for creating basic, intermediate, and advanced software development engineers.

Recently, Bermuda inked a MoU with Binance Group. Under the agreement, the Binance Foundation will sponsor university-level training for Bermudians in blockchain technology development and compliance in an amount up to US$10 million. In addition, Binance Labs will invest up to $5 million in new Bermuda based blockchain companies.