Overstock announced a tactical investment in Bitt, a Caribbean-based fintech business whose goal is to persuade Caribbean island nations to adopt digital national currencies. The financial investment was revealed at a media conference in Barbados hosted by Avatar Capital, which bought Bitt, and participated in by representatives from both Bitt and Overstock. Politicians and dignitaries from numerous Caribbean nations attended.
“A major obstacle to economic advancement around the globe is the reality that the vast bulk of humans are unbanked,” stated Overstock CEO Patrick M. Byrne. “Yet mobile penetration in some nations goes beyond 100 percent. Bitt has a vision for the Caribbean of frictionless mobile cash, beginning with central banks transparently providing digital fiat which is then exchanged on a blockchain (all under correct regulative oversight, just like our t0 offering to Wall Street). We appreciate and endorse that vision, and share a typical desire to see online consensual exchange thrive internationally. As they state around these parts, ‘One love.'”
Reuters notes that Overstock, the very first U.S. business with annual sales of at least $ 1 billion to accept Bitcoin as a mode of payment, has been one of the earliest supporters of digital currencies. In June, Bitcoin Magazine reported that Overstock had ended up being the first company to offer certified buyers the choice of acquiring industrial bonds that will trade utilizing Bitcoin’s blockchain protocol.
In October Overstock completed a production beta test of its t0 software application by effectively utilizing the Bitcoin blockchain to tape evidence of compliance with relevant regulations. T0 partnered with a variety of banks, consisting of the Industrial and Commercial Bank of China (ICBC), which Relbanks ranked as the largest bank worldwide, to test its innovation. That innovation could ultimately be used to sidestep traditional stock market such as NYSE and NASDAQ and issue business stock directly over the Internet.Bitt, Inc., established in 2013, is based in Hastings, Barbados, is a digital possession exchange, which owns and operates a trading platform for Bitcoin and other fiat currencies. The company concentrates on offering access to cryptocurrencies in emerging markets. Bitt’s platform permits traders worldwide to deposit their currency or digital assets and trade with those funds. The business’s software application suite includes a digital asset exchange, a mobile money wallet, a remittance platform, and merchant payment processing tools.Overstock.com is investing$4 million in Bitt initially. The Bitt announcement exposes that Overstock prepares staggered investments for a total of $16 million USD, positioning the business’s appraisal at $50 million. Bitt intends to use new funding to construct a monetary environment in the Caribbean to solve the issues that people in the region experience daily, consisting of high frictional fees from banks and money services operations that make sending money in and out of the region hard and costly.In February, Bitt launched a digitized Barbados dollar on the Bitcoin blockchain. The value of Bitt’s digital Barbados dollar is pegged to the genuine currency system provided by the main bank.”One of our digital Barbados dollars is comparable to one dollar released by the Reserve bank of Barbados. Exactly what we do is enable individuals to do more with their cash,”stated Bitt co-founder and CEO Gabriel Abed. Now Bitt intends to digitize all the fiat currencies used in the Caribbean area and put them on the blockchain so they can be quickly traded between the islands, bringing modern-day solutions to an area historically limited by ineffective exchange and settlement systems.Christopher Sinckler, Barbados minister of finance, verified that the effort has the full support of the government and described the project as
a crucial milestone for the Caribbean area.”Ladies and gentlemen, welcome to the future,”he said.”Regional little companies discover it financially expensive to provide online payment options to consumers, and this positions a drag on entrepreneurism in the Caribbean,”stated Abed.”Our aim is to utilize cryptography and digital ledger innovation to turn our regional residents into worldwide citizens, giving them the capability to send out or receive money straight via their phones, in seconds, from all corners of the globe.” Oliver Windstorm, Bitt CFO and co-founder, included that Bitt is bringing modern monetary solutions to a formerly backward region without effective settlement systems.” Bitt’s monetary innovation revolution will
give customers a much faster, better, less expensive and more traceable method of banking and we now have a new, multi-billion dollar backed investor to assist make this vision a fact,”Gale said.It promises that assistance from the Barbados federal government and other governments in the Caribbean region, along with Overstock’s investment and support, could turn Bitt’s task into a high profile effort whose impact could extend beyond the region.The post Overstock Invests in Bitt to Launch Authorities Digital Currencies in the Caribbean Islands appeared very first on Bitcoin Publication. Bitcoin Magazine