Bitt Launches Caribbean's First Blockchain Based Digital Money

Bitt Launches Caribbean's First Blockchain Based Digital Money

I want to position Bitt to become the heart of the Caribbean's settlement system. The Caribbean's first blockchain-based digital money was launched on Monday by the Barbados based financial technology company, Bitt Inc.

The founders of Bitt Inc. have noted that Barbados, like the rest of the Caribbean, has historically had challenges with its banking and financial infrastructure. This not only severely affects large institutions but also Caribbean people. From Bitt’s perspective, the region has been trying to increase financial inclusion for quite some time but with minimum progress. The technology launched by Bitt is a major step forward in solving this problem.

“The Barbadian Digital Dollar is easy to send to anyone, anywhere, with a few gestures on your mobile device. Commerce can be done with less friction, payment can be made instantly, auditors can cryptographically verify the signatures with unparalleled security,” said Oliver Gale, Co-Founder and CFO of Bitt Inc.

The company makes it clear that the digital Barbados dollar is not the same asset as the now well known cryptocurrency - bitcoin. “One of our digital Barbados dollars is equivalent to one dollar issued by the Central Bank of Barbados. What we do is allow people to do more with their money,” said Gabriel Abed, Co-founder and CEO.

Using ‘distributed ledger technology’, the company is poised to roll out its services to the region. By enabling all the currencies in the Caribbean to be used on the blockchain, it is expected that Bitt will potentially act as a much needed settlement service for the region. “I want to position Bitt to become the heart of the Caribbean's settlement system,” Abed stated.

Established two years ago based on funding from Avatar, a Trinidadian investment company, Bitt’s ecosystem focuses on digital asset exchange, mobile wallets, remittance and merchant solutions, and has the capacity to continuously develop and expand its core services.

Trinidadian businessman Peter George, speaking on behalf of the investors, noted his satisfaction with Bitt’s vision and performance to date. Describing the Bitt team as ‘revolutionaries’ he revealed that the investors had already received returns.

The launch took place at Buzo Osteria Italiana (Barbados) on Monday evening, as witnessed by several members of the local business community and the media, signaling a new era of financial inclusion in the Caribbean.

Bitt Inc
https://www.bitt.com/


Related News

Bitt Uses Bitcoin Technology to Digitize Barbadian Dollar

Blockchain technology can make a major impact on the world although the ramifications can vary greatly from country to country. Barbados is not a country most people would assume with the financial sector, but there is a growing FinTech scene in the region. Bitt is one of those companies who aim to become the settlement service of the Caribbean, and they are employing blockchain technology to achieve that goal. The name Bitt may ring a bell for people who are experienced in the world of Bitcoin and blockchain, as the FinTech startup has been chosen to revamp the financial industry in the....

Caribbean Bitcoin Exchange Launches Following $1.5 Million Raise

Caribbean digital currency exchange Bitt has launched today, having secured $1.5m seed funding from local VC group Avatar Capital. The exchange, based in Barbados, is powered by AlphaPoint, an exchange technology platform provider that also offers its solutions to Bitfinex and Cointrader. Also a remittance channel and merchant processing gateway, Bitt claims to have implemented

Overstock Invests in Bitt to Launch Official Digital Currencies in the Caribbean Islands

Overstock announced a strategic investment in Bitt, a Caribbean-based fintech company whose goal is to persuade Caribbean island nations to adopt digital national currencies. The investment was announced at a media conference in Barbados hosted by Avatar Capital, which invested in Bitt, and attended by representatives from both Bitt and Overstock. Politicians and dignitaries from various Caribbean nations attended. “A major impediment to economic advancement around the world is the fact that the vast majority of humans are unbanked,” said Overstock CEO Patrick M. Byrne. “Yet mobile....

Bitt Launches the Blockchain Barbadian Digital Dollar

Barbados-based fintech firm Bitt Inc. has launched the Barbadian Digital Dollar, the Caribbean’s first blockchain-based digital money this week as a means to bring solutions to the unbanked in the region. In a marked effort to provide financial and banking solutions to its home country, Barbadian fintech company Bitt launched the Barbadian Digital Dollar earlier this week. In a press release, the founders of Bitt Inc point to the historical challenges faced by countries in the region, even those beyond Barbados in establishing a reliable banking infrastructure and platform. The digital....

Caribbean’s First Bitcoin Exchange CEO: ‘Our Biggest Difficulty Is an Uninformed Government’

Bitt, the Caribbean's first bitcoin exchange company, is looking to tap the region’s potential for remittances and banking services by providing faster and cheaper payments using bitcoin. CoinTelegraph spoke to the CEO and co-founder of Bitt, Gabriel Abed, about Bitt’s plans, as well as the challenges and specificities associated with the Caribbean market. After a two-year development period, the company launched its BTC solution suite on March 30. It includes a mobile digital wallet, international remittances services and e-commerce merchant solutions. Bitt, which currently runs under....