Freeport, Grand Bahama, January 9, 2019 – PO8, the award -winning Bahamian tech company is leading the charge in ocean impact and asset management with blockchain solutions.Selected from a pool of over 250 tech companies from 23 countries competing at Demand Solutions 2018 in Santiago, Chile, PO8’s innovative and impact driven solutions earned them the Creative Business Cup Award, a first for the Caribbean. “This achievement demonstrates the significant potential of the innovation ecosystem in The Bahamas and highlights the creativity of Bahamian entrepreneurs,” said Mikia Carter with the IDB Lab in The Bahamas.
Led by Bahamian tech visionary and CEO Matthew Arnett and co-founder and COO Raul Vasquez, the team has found a way to improve the lives of fellow Bahamians by using blockchain technology and cryptographic tokens known as Non-Fungible Tokens (NFTs) to recover and reshape the ownership of $100B dollars in sunken treasures and artifacts, while driving sustained and inclusive growth to the region. NFTs convert ownership rights of recovered artifacts with economic value into a digital title, while staying in the custody of the PO8 Museum Foundation to be preserved and exhibited. With a stored value derived from its underlying asset, NFTs can be sold to anyone around the world.
“NFTs are a new store of value and commodity class,” exclaimed Arnett after leading his team to victory in Santiago. “We are shifting The Bahamas from tourism to new third pillar, which is tech, giving young people a new dream to create in new industries like blockchain, A.I. and fintech; resulting in social and economic impact to The Bahamas by simply using something rotting away in our waters,” added Arnett.
The unicorn idea has caught the attention of many, especially after world renowned oceanographer and Titanic expeditioner David Gallo join the team last year.The IBD’s Luis Alejandro Simón, who worked with all the startup finalists at Demand Solutions added, “This is indeed a great way to inspire other entrepreneurs in the Caribbean to follow PO8. They are an amazing solution for a unique and relevant issue, and I’m certain PO8 will have an outstanding future ahead.”
For additional information about PO8, visit www.po8.io
About PO8
PO8 is a marine archaeology startup utilizing blockchain technology to excavate underutilized sunken treasures and artifacts from ocean floors, generating untapped sources of revenues for funding social programs, creating jobs and jumpstarting local economies – all while protecting our marine habitats.
About IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.
About CBC
The Creative Business Cup celebrates and champions the creative industries — a unique tribe of innovative disruptors aiming to change the world and impact the global economy. We do this through highly inclusive startup competitions throughout the year and around the globe. The focus is solely on the creative sectors.
Press contacts:
PO8
Raul Vasquez
raul@po8.io
IDB
Sharell Carroll
sharellc@iadb.org
