Bermuda has selected the connectivity network WalletConnect to broaden cryptocurrency payments throughout the island, beginning with event admissions, as part of its goal to transform into the globe’s inaugural completely onchain national economy.
Premier Tickets, also known as PTIX, is set to be the initial merchant integrated into the network, with transaction processing projected to launch in the second quarter of 2027, based on a disclosure provided to CoinDesk.
State authorities aim to minimize merchants’ dependence on costly payment processors. Local vendors currently face 3% to 5% fees per credit card payment, with actual processing expenses climbing to 10% within specific sectors, as noted by the Stellar Development Foundation. Authorities did not disclose the fee structure for the new mechanism.
Bermuda unveiled its onchain economy roadmap during January with backing from stablecoin creator Circle Internet and digital asset exchange Coinbase Global. Officials stated back then that select local enterprises were already taking digital settlements.
Premier David Burt detailed intentions for a distribution of Circle’s USDC in May alongside initiatives to register merchants, asserting that the island required venues where individuals and corporations could utilize the digital currency they obtained.
Within the proposed PTIX architecture, transactions would transfer straight from buyers’ wallets to event promoters’ wallets, preventing the ticketing service from custodying the assets. WalletConnect explained that this approach enables PTIX to support numerous autonomous promoters via one unified setup, with capital settling in a matter of seconds.
“Payments has proven to be the most impactful use case for crypto, and getting there takes governments willing to lead,” WalletConnect CEO Jess Houlgrave stated in an official announcement.
This agreement coincides with the rollout of WalletConnect Pay on the Stellar distributed ledger, debuting through LOBSTR, a digital wallet developed by Ultra Stellar. Furthermore, WalletConnect is expanding general compatibility for Stellar wallets and apps throughout its ecosystem.
Penrose Partners, an advisory company located in Bermuda that jointly organizes the jurisdiction’s Digital Finance Forum alongside SALT, will assist with merchant recruitment and community training. Additional businesses are anticipated to join following PTIX.
Originally published at https://www.coindesk.com/business/2026/10/29/bermuda-taps-walletconnect-to-advance-its-onchain-economy-plan.
