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Conyers acted in connection with the formation of iCash Ltd., a Bermuda company, and the development and creation of iCash, a new Ethereum blockchain-based token. iCash will be launched shortly in order for purchasers to access FaceOff, a peer-to-peer social sports and gaming site. Will McDonough, the co-founder of iCash and FaceOff, said “We chose Bermuda as our jurisdiction to set up iCash as our token issuer because of its business friendly and forward thinking international reputation, one which is clearly ambitious to move ahead swiftly, while prudently, to develop blockchain and token technology”. He further stated “It was great to work with the experienced team of attorneys at Conyers as well as the Bermuda Business Development Agency team to help us establish iCash in Bermuda”. Chris Garrod, who led the team at Conyers, said “iCash is another example of an innovative and world-class token issuer which has chosen Bermuda for their offering”.
In terms of the potential of blockchain and token vehicles generally, Mr. Garrod further stated “Bermuda is committed to creating a regulatory framework for vehicles using this kind of distributed ledger technology and the Bermuda Government, with the assistance from the Bermuda Business Development Agency, recognise the importance this growing sector represents to the Island. Conyers has a dedicated team of attorneys working in this innovative arena and we are happy to be working with both the Government and the Bermuda Business Development Agency to develop it”.
Director, Chris Garrod and Associates Jacqueline King and Cathryn Minors worked on the matter.