Bermuda chose connectivity network WalletConnect to expand crypto payments across the island, starting with event tickets, as it pursues its ambition to become the world’s first fully onchain national economy.
Premier Tickets, or PTIX, will be the first merchant in the system, with payments expected to go live in the second quarter of 2027, according to an announcement shared with CoinDesk.
The government is trying to reduce merchants’ reliance on expensive payment services. Local businesses pay 3% to 5% per card transaction, with effective processing costs reaching 10% in some categories, according to the Stellar Development Foundation. The government didn’t say how much the new system would charge.
Bermuda announced its onchain economy plan in January with support from stablecoin issuer Circle Internet (CRCL) and crypto exchange Coinbase Global (COIN). The government said at the time that some local businesses were already accepting digital payments.
Premier David Burt outlined plans for an airdrop of Circle’s USDC in May, alongside efforts to enroll merchants, arguing the island needed places for people and businesses to spend the digital assets they received.
