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Bitt.com, the Barbados based Caribbean blockchain-based digital payment provider, has received USD3 million in additional funding.
The investment comes from Medici Ventures, Overstock.com’s blockchain subsidiary created to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions.
The move exercised Medici Ventures’ option to purchase additional ownership interest in Bitt.com after their initial USD4 million investment in early 2016, shortly after Bitt launched a digitised Barbadian dollar on the bitcoin blockchain.
This new injection increases Medici Ventures ownership stake in Bitt’s total Class A and B common shares by 8.6 percent. Medici Ventures will receive 22,012,070 Class A shares and 22,012,070 Class B shares for its investment.
In a joint media release issued today, Medici Ventures president Jonathan Johnson said his company was pleased to take a larger stake in Bitt, as it aligns with their goals of re-democratising capital.
“Bitt has created a blockchain-based payments ecosystem that is useful for everyday transactions. . . Under the leadership of CEO Rawdon Adams, Bitt has taken a good idea and grown it into a viable product able to make the financial lives of Caribbean residents easier,” said Johnson, who along with Dr Ali El Husseini, president of Medici Ventures' investment company DeSoto Inc., are members of Bitt’s board of directors.
This increased investment follows Bitt’s recent announcement of a signed memorandum of understanding with Montserrat to launch a digital payments platform for the Caribbean nation and its launch of a digital wallet in Barbados.
“This reaffirmation of the company’s promise by Medici Ventures is a tremendous reflection on the dedication, motivation and execution skills of my colleagues,” said Bitt CEO Rawdon Adams.
“Bitt is in a unique position to provide the solutions to boost both financial inclusion and overall economic performance through its blockchain-based software. That’s already being recognised by regional governments overseeing economies characterised by large informal sectors, persistently high rates of poverty and expensive traditional financial services,” added Adams.
Bitt’s chief economist Marla Dukharan told nationnews that this new investment essentially is a flow of foreign direct investment from the United States into a Barbados-based entity.
“This is a perfect example of how a small company in the Caribbean – in this case, in Barbados – that has a world-class team and offers world-class products and services, can bring not just investment into our region, but can also make a meaningful difference both directly and indirectly, in our economies, and in the lives of our people,” said Dukharan. (SP)