Cryptocurrency exchange Huobi has teamed up with the Commonwealth of Dominica to launch a digital identification and national token service that promises the West Indian island nation’s digital citizenship.
Metaverse and Web3 In the Caribbean
Dominica, which is not to be mistaken with the neighboring, bigger Dominican Republic, is a country in the Lesser Antilles archipelago that is home to about 72,000 people. To advance its development and entice expertise from the cryptocurrency and blockchain ecosystems, the government is looking to investigate metaverse and Web3 technology.
The island nation was among the first in the Caribbean to implement a citizenship-by-investment scheme. Mainland China, Hong Kong, the European Union, Switzerland, the United Kingdom, and Singapore are among the more than 130 nations that accept Dominica passports as valid travel documents.
The government of Dominica will work with Huobi to issue Dominica Coin (DMC) and digital identity cards (DID), with DMC holders expected to receive digital citizenship in the nation. DMC and DID will operate on the TRON network, be distributed by Huobi Prime, and be used as login credentials for a future metaverse platform situated in Dominica.
Through the BitTorrent Chain bridge, DMC coins will be compatible with the Ethereum and BNB Smart Chains. Users who have signed up for Huobi Prime are eligible for the airdrop of DMC and Dominica DIDs.
Dominica DIDs are mostly used for Know Your Customer (KYC) authentication on cryptocurrency exchanges, creating Dominican bank accounts, applying for loans, and registering digital businesses.
Huobi Moving to Dominica?
In November 2022, Huobi announced plans to move its headquarters from the Seychelles to the Caribbean, citing the region’s support for cryptocurrencies. In December 2021, Dominica also enacted the CBDC program of the Eastern Caribbean Central Bank (ECCB).
Justin Sun, the founder of the blockchain network Tron, tweeted on Wednesday that Huobi plans to “go all in the Caribbean” and will collaborate closely with Dominica to build out the region’s crypto infrastructure.
Some of the largest cryptocurrency companies, including the troubled FTX, which relocated its headquarters from Hong Kong to the Bahamas last year, have been attracted to the Caribbean. In an interview with the Financial Times, Sun claimed that Huobi is also enticing its employees in its Seychelles headquarters to relocate to the Caribbean.
Sun has frequently denied being involved in the suspected acquisition of a majority share in the exchange, despite being nominated to Huobi’s worldwide advisory board and having a link to the exchange promoted in his Twitter profile in October.
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