Bitt, a blockchain payment company based in Barbados, just received $3 million in Series B funding from Medici Ventures, Overstock’s venture capital subsidiary. This follows a previous $4 million investment by the venture capital firm in 2016.
Bitt’s mission is to develop a digital financial ecosystem to facilitate peer-to-peer transactions throughout the Caribbean. The company’s payments solutions serve individuals, businesses, financial institutions and central banks.
One product gaining traction right now is Bitt’s mMoney app which allows users to receive and send payments for goods or services to friends, family, and merchants through their smartphone or other mobile devices. Users can even purchase bitcoin on Bitt’s cryptocurrency exchange which features a high frequency trading platform.
The latest cash infusion will go towards advancing Bitt’s mMoney applications and the development of central bank digital currencies.
Bitt already launched a blockchain-based version of the Barbadian dollar in early 2016 and is working on pilot projects in collaboration with other central banks in the Caribbean. The government of Montserrat signed a Memorandum of Understanding (MoU) with Bitt in February 2018 to create a Digital Payments Ecosystem in Montserrat. Then, in March, the Eastern Caribbean Central Bank (ECCB) and Bitt signed an agreement to conduct a FinTech pilot on blockchain technology. The ECCB project has several objectives:
To develop blockchain-based data management & transaction monitoring technologies that facilitate compliance with Know Your Customer, Anti-Money Laundering, and Combating the Financing of Terrorism (KYC/AML/CFT) rules.
To develop a blockchain-based digital payment & settlement platform with embedded regional and global compliance.
To advance the issuance of a digital currency that will operate alongside the physical Eastern Caribbean dollar (EC). The Digital Eastern Caribbean dollar (DXCD) would be a blockchain-based analog of the EC, a currency that serves 8 island economies, including Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.
Central Banks aren’t the only entities partnering up with Bitt. The Caribbean Tourism Organization (CTO) and Bitt recently signed a MoU aimed at expediting the use of digital currency within the Caribbean’s tourism sector. Tourism is the largest single contributor to the Caribbean economy, which comprises 13 sovereign island nations and 12 dependent territories spread across more than 7,000 islands. Most of these nations have their own financial system and currency. By leveraging digital currency, the Caribbean region could become more economically integrated, improving the ease of doing business for visitors who move through multiple regional destinations.
Company: Bitt Inc.
CEO: Rawdon Adams