Coinbase and Penrose Partners Drive Digital Finance Adoption in Bermuda at the Digital Finance Forum

HAMILTON, Bermuda, May 29, 2025 /PRNewswire/ -- In a landmark activation at the Digital Finance Forum in Bermuda, Coinbase and Penrose Partners advanced the adoption of digital finance and onchain innovation, delivering one of the world's first fully compliant stablecoin airdrops to local residents.

In partnership with event hosts, Bermuda-based blockchain advisory firm Penrose Partners and global investment platform SALT, event sponsors Coinbase and Circle helped onboard 250 Bermudians at the Digital Finance Forum's "Community Day". Event attendees received a Coinbase Wallet and were airdropped $100 of USDC issued by Circle, which could be spent at local businesses participating in the event's "Vendor Village."

The initiative showcased Bermuda as a live testbed for inclusive, secure, and accessible digital finance, demonstrating how stablecoins can integrate into everyday commerce.

Tom Duff Gordon, Vice President of International Policy at Coinbase, stated: "We've long admired Bermuda's forward-thinking approach to digital finance. At Coinbase, our mission is to increase economic freedom in the world, and we're proud to support one of the world's first grassroots-regulated stablecoin activations."

Local vendors quickly adapted to digital payment transactions, accepting USDC via QR codes linked to their Coinbase Wallets. Vendor Ashley Stephens from Ashley's Lemonade reflected on the experience: "Setting up the Coinbase Wallet app and accepting USDC payments was easier than I thought it would be. As a local business owner, I plan to continue accepting digital payments going forward."

The initiative received strong support from the Government of Bermuda, which sponsored over 150 complimentary tickets to ensure inclusive community participation.

The Hon. David Burt, Premier of Bermuda, emphasized: "The current state of digital finance in Bermuda is growing and blossoming, and we have a huge opportunity in this sector. Through events like this, the partnerships have onboarded our residents and local businesses into digital wallets so that they can accept and transact in digital dollars."

While the activation generated nearly $40,000 in digital dollar transactions on Community Day, the three-day event attracted more than 500 attendees, including a significant number of international visitors. This influx brought a measurable economic boost to the city, estimated at $1 million, spanning increased hotel occupancy, higher foot traffic in restaurants, cafes, and retail stores, and greater demand for transport services such as airports and taxis.

About Coinbase

Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We're updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.

About Penrose Partners

Founded in 2019, Penrose Partners is a digital asset advisory firm that consults public and private sector institutions on strategy, business development, education programs, and product development.  Penrose's mission is to drive the global adoption of digital assets to create a more open and inclusive financial system. The firm works at the intersection of innovation, regulation, and enterprise, supporting leading organizations including Coinbase, Circle, NEAR, and the Government of Bermuda. Headquartered in Bermuda, Penrose Partners operates globally across London, Montreal, New York, and Toronto.

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