Cryptocurrency exchange Huobi has partnered with Commonwealth of Dominica, an independent island nation in the Caribbean Sea. Together they will roll out a digital identity and national token service that promises the digital citizenship of the West Indies island nation.
Information about Dominican Republic
Dominica has a population of about 72,000, but its government wants to explore Metaverse and Web3 technology to ultimately boost its development and attract talent from the crypto and blockchain ecosystem.
The island country is one of the first Caribbean countries to introduce such a citizenship through investment program. Dominica passports allow entry to more than 130 countries, including mainland China, Hong Kong, the European Union, the United Kingdom, Singapore and Switzerland.
Launch DMC and DID
Dominica’s government will now partner with Huobi to issue the “Dominica Coin” (or DMC for short) and Digital Identity Documents (DID) to DMC holders who will be granted digital citizenship in the country.
DMC and DID will run on TRON’s network and will be released on Huobi Prime. They will also serve as credentials for a future Dominica-based Metaverse platform.
The DMC tokens will also be cross-chain compatible with Ethereum (ETH) and the BNB Smart Chain. This will be done through the BitTorrent Chain bridge. Huobi Prime users are directly eligible for the airdrop of DMC and Dominica DIDs.
Such DIDs can be used as a lock for the Know Your Customer (KYC) process, opening bank accounts in Dominica, applying for loans and registering digital businesses, among other things.