Fintech Firm Uulala ICO Is the First Under Bermuda’s New Regulatory Rule

During the Bermuda Executive Forum, which took place on Thursday, October 18, the first ever firm was chosen to conduct an Initial Coin Offering (ICO) that abides by the regulation placed by the Bermuda island. As reported by The Royal Gazette, the said firm is none other than Uulala, whom are known for their objective of financially securing migrants and refugees.

The Minister of National Security and Head of the ICT Policy and Innovation, Wayne Caines has since described this effort as “the start of a new era for Bermuda.” The CEO of Uulala, Oscar Garcia has also expressed several details about the ICO and future plans with The Royal Gazette.

For starters, he hopes that the ICO will help the firm raise nearly $50 million during its public sale. He does not seem to be worried, as the firm has already raised a fifth of the funds from just its private sales alone.

Garcia further emphasizes the reason for choosing Bermuda as being the island’s recognition within the financial sector as well as its “forward-thinking on blockchain and fintech,” as per his words. He was supposedly inspired by the Bacardi story on how Latinos set foot in Bermuda for their business endeavors and aims to bring the same result for Uulala.

When it comes to addressing the fact that the firm made it to Bermuda’s list of the first ever ICO to abide by the Island’s regulations, Garcia shared that he feels honored and is thrilled to take on the role of “ambassadors” for projects to come.

In particular, he said:

“We look forward to being ambassadors for this global financial hub in the blockchain and fintech space, as we accomplish our mission of helping millions of underserved.”

To further add to the statement about the beginning of something new for Bermuda, Caines also added that Uulala’s aim towards changing people’s lives in Latin America through financial services is what truly “represents a dynamic shift for our age.”

The two main problems Uulala is aiming to eliminate include the rather high fees attached to accounts held by low-income users and transaction voids. The second largely focuses on the underserved users who make money in cash. This according to the team involved, is problematic given that said users will not be able to build upon their credit scores.

To learn more about how Uulala plans to defeat these problems, check out:

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