JAKARTA - Crypto-currency exchange Huobi has partnered with the Commonwealth of Dominican nations to launch a digital identity and national token service that promises digital citizenship from a nation in the West Indian archipelago.
Not to be confused with the Dominican Republic, a larger country, Dominica is home to around 72.000 people located in the center of the Lesser Antilles archipelago. Their government is looking for ways to explore metaverse and Web3 technologies to fuel their development and attract talent from the cryptocurrency and blockchain ecosystem.
The island nation was one of the first Caribbean countries to adopt a citizenship-by-investment program. The Dominican passport allows access to more than 130 countries around the world, including mainland China, Hong Kong, the European Union, Switzerland, the United Kingdom and Singapore.
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The Dominican government will partner with Huobi to issue Dominica Coin (DMC) and digital identity documents (DID) as DMC holders will be granted digital citizenship in the country. DMC and DID will run on the TRON network and be published on Huobi Prime and will serve as credentials for future Dominican-based metaverse platforms.
The DMC token will be cross-chain compatible with Ethereum and BNB Smart Chain via the BitTorrent Chain bridge. Huobi Prime registered users are eligible for the DMC and Dominican DID airdrop.
Key use cases for Dominican DID include Know Your Customer (KYC) verification on cryptocurrency exchanges, which can open bank accounts in Dominica as well as apply for loans and register digital companies.
Huobi announced plans to move its headquarters from the Seychelles to the Caribbean in November 2022, citing the region's cryptocurrency-friendly attitude. Dominica also adopted the Eastern Caribbean Central Bank (ECCB) CBDC program in December 2021
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