Commonwealth of Dominica has announced that it has partnered with Huobi to roll out two digital services on the Tron blockchain. According to the announcement, both entities will be working towards creating a national token and a means of digital identification. The statement also mentioned that the digital token would enable users to earn citizenship in the country.
Tron will support the creation of both services
The Commonwealth of Dominica is very different from the Dominica Republic as it only houses about 72,000 residents. The country’s government plans to leverage blockchain and crypto to drive talents into the Web3 ecosystem they are working on. Besides that, the country is also looking to create and develop a functioning metaverse.
The country is one of the few countries where people can invest and become citizens. The country’s passport enables its holders to access more than 130 countries worldwide, including Asia, the EU, the UK, and Singapore. The government clarified that although it will pool in efforts, Huobi will lead the development of the coin and digital identity services.
Huobi clarifies use cases of digital identity and token
According to the report, everything the company plans to build will be on the Tron blockchain. Using the BitTorrent chain, the new tokens will also be compatible with Ethereum as a cross-chain. Huobi Prime has also mentioned hosting a giveaway where members of the exchange will be airdropped portions of the DMC and DID. The identification documents will be used to verify users on exchanges and banks.
Holders can also use it to open bank accounts across the country. Entrepreneurs can also use it to facilitate loans and register their businesses. Huobi has also been in the news in the last few weeks. The company clarified that it is working on plans to shift its headquarters to the Caribbean before the year runs out. One of the reasons for the move is to enjoy the crypto-friendly stance that is being practiced in the region. Dominica is also one of the few countries that have adopted the ECCB CBDC launched in December 2021.