A blockchain payment startup named “Bitt” announced a $3 million investment from Medici Ventures, an Overstock’s venture capital subsidiary.
In 2016, Medici Ventures had already invested $4 million in the payment app, but the new deal agreement is the buying of an additional 8.6 percent stake in Bitt from the venture capital firm.
According to a realease published today, the funds will help the company to find better solutions for the payment app to bring financial inclusion to the Carribeans population.
Bitt’s CEO, Rawdon Adams mentioned,
“These are very large issues in developing countries and success in Barbados will effectively signal to others in the region that persistent issues related to, for example poverty and large informal sectors, can be tackled to the benefit of economic development,”
For his desires to be achieved, Bitt’s CEO said that the funding will be spent on three things; updating the mMoney digital wallet, central bank digital currency solutions, and hiring new developers for the product to evolve.
M. Adam said that the company is beginning the commercialization of its central bank solution, and it is also planning to pilot projects partnered with central banks in the Caribbean.
A cryptocurrency company called Bitmain is also working on the creation of a blockchain-based central bank.