International Business

Sports site sets up crypto token on island

  • Sports site: FaceOff's new blockchain-based token, iCash, has been set up in Bermuda
  • Adviser: Conyers director Chris Garrod advised on the setting up of FaceOff's new blockchain-based token iCash in Bermuda

A peer-to-peer social sports and gaming website has chosen Bermuda as the jurisdiction to set up its new blockchain-based token, iCash.

Purchasers of the token, which will be launched soon, will be able to access the website FaceOff, which plans to allow its users to challenge others to head-to-head matchups based on the outcomes of sports events.

Law firm Conyers advised on the formation of the iCash Ltd, a Bermudian company, and on the development of its ethereum blockchain-based token.

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.”

Mr McDonough, a businessman whose McDonough Management Company’s clients have included celebrities such as New England Patriots quarterback Tom Brady, added: “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.

“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 BDA, recognise the importance this growing sector represents to the island.

Mr Garrod, a Conyers director, and associates Jacqueline King and Cathryn Minors worked on the matter.

The Phoenix Group, parent company of FaceOff, explained the thinking behind the new site in October last year.

“We believe there is a tremendous, untapped global market opportunity to provide a platform that allows for peer-to-peer sports and e-sports challenges,” Rich Roberts, FaceOff’s chief executive officer, said.

“FaceOff is going to bring together communities of people who are passionate about their favourite sports or e-sports teams and players, with those who enjoy the social aspect of challenging friends and strangers in head-to-head competitions, and those who enjoy playing skill-based games to win cash prizes.”

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