Medici Ventures, the venture capital division of the giant e-retailers Overstock, carried out additional funding based on the Barbados bitcoin startup Bitt in the amount of $3 million This is the second part of the agreement between the two companies, involving a total investment of $16 million.
The mission continues. 🙏https://t.co/hcYMCqi51d
— Bitt (@BittGlobal) 8 March 2018
The original agreement between Overstock and Bitt was signed in April 2016 and is aimed at the modernization of the financial system, not only of Barbados but for other Caribbean States, including the digitization of all Fiat currencies in the region.
The decision Bitt in this case involve the bitcoin blockchain, allowing you to transfer money with lower commissions and stimulating more active trade between the countries of the region, which has historically lagged behind the rest of the world in developing financial technology and payment solutions.
“The team Bitt created based on the blockchain payment ecosystem for everyday transactions. The company has established itself a true leader in the application of the blockchain to solve real-world problems, taking a good idea and turning it into a viable product to ease the financial burden of life of the inhabitants of the Caribbean region”, — said the President Medici Ventures Jonathan Johnson.
In 2016, Bitt also created based on the blockchain, the digital equivalent of the Barbados dollar, which is supported by the Central Bank of this island nation and is built in to offer a bitcoin wallet.
Now the company plans expansion activities and access to other markets in the region. The first destination on this journey will be, apparently, will be the island of Montserrat, with the authorities recently signed a Memorandum of understanding regarding the establishment of payment blockchain platform.
In September 2017 new CEO Bitt became a Stay Adams, the son of the former Prime Minister of this island state Tom Adams.
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