Sunday, Jul 21, 2019
HomeBusinessThompson touts Grand Bahama at Polycon18 crypto conference

Thompson touts Grand Bahama at Polycon18 crypto conference

Minister of State for Grand Bahama Kwasi Thompson welcomed high-level blockchain and cryptocurrency industry heads to invest in The Bahamas, in particular Grand Bahama, and explained that The Bahamas is finalizing programs that will promote blockchain as a sub-industry within the information and communications technology (ICT) sector.

Thompson was addressing attendees at the Polycon18 conference, the world’s first crypto event dedicated to securities tokens, which began this week at Baha Mar.

Thompson extolled the benefits of Grand Bahama, explaining that the nation’s second city “has superb communications infrastructure with two major Internet service providers with independent terrestrial, subterranean, sub-sea and wireless networks”.

Polycon18 brings to this country a wide variety of professionals in the financial services and technology industries, such as Overstock.com CEO Patrick M. Byrne, Ethereum co-founder Anthony Diiorio and investor Bill Tai.

The government has been toying with making Grand Bahama the tech hub of The Bahamas and the region. Government officials have even suggested The Bahamas could start its own cryptocurrency.

“Our new Commercial Enterprise Act allows fintech (financial technology) companies like yourselves a fast track application process and the ability to retain your executive talent in the Bahamas,” Thompson said.

“Freeport, Grand Bahama has great promise as a digital center. The city also boasts diverse network paths, self-healing metro, inter-island and international networks.

“Home connectivity in Freeport is measured up to 100 megabits per second, providing business services via copper and fiber with speeds exceeding one gigabit per second.”

Thompson explained that The Bahamas is “open to tailor-made packages specific to a company’s needs, allowing them to retain their talent without increasing cost”.

He added: “Grand Bahama has already begun welcoming manufacturing companies and call centers, and we look forward to more technology companies choosing Grand Bahama as a home, as well as partners from other industries.

“We are actively working to facilitate the establishment of blockchain, cryptocurrency and fintech enterprises, which we anticipate will transform financial services in The Bahamas.”

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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