Medici Ventures, the wholly owned blockchain focused subsidiary of Overstock.com, Inc. (NASDAQ:OSTK), has announced an $8 million equity purchase in Bitt, its Barbados-based keiretsu company.
The additional equity will enable Bitt to pursue market opportunities that accelerate the adoption of digital currencies in developing countries. This transaction gives Medici Ventures a controlling interest in Bitt.
Bitt was founded in 2013 to provide infrastructure to support a digital financial ecosystem throughout the Caribbean, stimulating economic growth and financial access for this and future generations.
Bitt’s financial software and mobile application platform utilizes blockchain and distributed ledger technology to facilitate secure peer-to- peer transactions.
Bitt’s presence will remain in Barbados and its president, Brian Popelka, will assume the role of Chief Executive Officer.
In March of 2019, Bitt signed a contract with the Eastern Caribbean Central Bank (ECCB) to pilot a securely minted and issued digital version of the Eastern Caribbean (EC) dollar, which will be distributed and utilized by financial institutions throughout the Eastern Caribbean Currency Union’s (ECCU) member countries.
Digital EC dollars will facilitate peer-to- peer transactions between merchants and consumers using smartphone applications, improving the ability to do business in the Eastern Caribbean.