Bahamas Takes a Bet on Crypto Again

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NASSAU , BAHAMAS – The Bahamas may soon have a new player in the digital asset space.

Bahamas Benchmark Group of Companies has announced a partnership with Ovryde of Cyprus and Switzerland to launch Bahamas Ovryde.

Benchmark President and Chief Executive Officer Julian Brown says the company has spent more than 25 years building its technology infrastructure and is now awaiting regulatory approval before moving forward.

Julian Brown – President & CEO, Benchmark Group of Companies

“We’re confident that we’re gonna get that license because we are very familiar with our regulator, and we believe that we are in good standing.”

Brown believes the new platform, known as Box Core, will provide a regulated marketplace for digital assets to be safely traded in The Bahamas.

Julian Brown- President & CEO, Benchmark Group of Companies

“Box Core, which is where the marketplace for digital assets is going to trade in The Bahamas, again, and it ain’t gonna be no monkey business this time.”

The announcement comes as the country continues to rebuild confidence in the digital asset industry.

In 2022, the collapse of FTX sent shockwaves through the global crypto market and The Bahamas. The company had established its headquarters in Nassau, leaving many Bahamians and investors questioning the safety of digital asset platforms and the effectiveness of industry oversight.

Ovryde’s Chief Technology Officer says their platform has been designed to address those concerns by ensuring the company cannot access customers’ funds.

Sean Damian Cedar Perscott – CTO, Ovryde of Cyprus and Switzerland

“We can prove to you, anybody that comes on the system, that we don’t have access to your money. The technology itself cryptographically prevents us from having access, and this has been audited, this has been certified, and anybody is welcome to go look into this.”

While Bahamas Ovryde still requires regulatory approval before it can begin operations, its executives believe the platform could help restore confidence in the country’s digital asset industry by offering a more secure and transparent way to trade digital currencies.