Overstock Invests In Bitt, Creator of Barbadian Digital Dollar
Overstock revealed Friday it invested $4 million into a blockchain-forward financial technology firm in the Caribbean. The announcement, made in Barbados and attended by principals from the island’s company Bitt and Overstock, enters in a big move by Overstock into the space. It’s involvement had largely been focused on innovation through its t0 project. “A major impediment to economic advancement around the world is the fact that the vast majority of humans are unbanked,” Overstock Chief Executive Patrick Byrne said. “Yet mobile penetration in some countries exceeds 100 percent. Bitt has....
Related News
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....
Overstock.com has announced it has invested $4 million USD into Caribbean exchange Bitt. The partnership was revealed in Barbados with various officials from surrounding nations. Bitt aims to bolster the current economic landscape and hopes to “remedy” the financial friction within the region. Bitt aims to digitize fiat currency within the Caribbean so....
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....
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 digital currency exchange Bitt has received $4m in new funding from online retailer Overstock.com. The deal, announced today, comes after Bitt's February launch of a blockchain-backed digital version of the Barbados dollar. The startup raised $1.5m in seed funding last March from local VC firm Avatar Capital. Bitt CEO Gabriel Abed told CoinDesk that the deal originated at the Satoshi Roundtable, an invite-only industry gathering held in late February. The funds will be used to expand the company’s team beyond Barbados. Abed explained: "We’ll be taking what we’ve done in....