Overstock.com invests $4 million into Bitt

By Daniel Zo Barbados, Bitcoin, Bitt, Blockchain, Overstock

During the last couple of months, there have been numerous bitcoin-related investments, in start-ups of all kinds. According to recent reports, it seems like the Caribbean-based blockchain startup, Bitt, has managed to raise a total of $4 million after a Series A funding from Overstock.com.

To put things better into perspective, Bitt represents a company that was founded in 2016, and aims to provide a digital asset exchange. This way, it provides people with access to digital currencies in emerging markets, thanks to their trading platform, which they claim to offer some of the best customer service, alongside with the highest levels of transparency, accountability and security.

Bitt and Overstock

However, what makes the company even more interesting are its plans for using the blockchain. With this in mind, not long ago, they announced the release of a digital currency version of the Barbadian dollar, in February. By doing so, the coin, which is also backed by the Central Bank of Barbados, may be the first fiat currency to be digitized, hence brining a modern solution, and allowing people to trade more efficiently.

Together with this, the Bitt platform also offers an exchange service that allows people from anywhere to make payments in bitcoin to the firm, which are then transformed into digital Barbadian dollars.

In a recent press statement, Dr. Patrick M. Byrne, the CEO of Overstock.com stated that: “A major impediment to economic advancement around the world is the fact that the vast majority of humans are unbanked. Yet mobile penetration in some countries exceeds 100%. Bitt has a vision for the Caribbean of frictionless mobile cash, beginning with central banks transparently issuing digital fiat which is then exchanged on a blockchain, all under proper regulatory oversight.”

If Bitt manages to turn out successful, then they could represent the first step towards digitizing currencies in general, and stepping into the future of our financial system.

The CEO of Bitt, Gabriel Abed stated that: "We’ll be taking what we’ve done in Barbados and cookie-cutting across the region, badgering legislators and helping with policy reform as it relates to security, consumer protection, privacy and data, and more importantly, no hindrance of the innovation of blockchain technology, and specifically bitcoin."

The total investment, which reached $5.5 million to date, will allow Bitt to quickly expand its services by employing more professionals, and investing into more advanced hardware.

Based on everything that has been outlined so far, what do you personally think about the investment that Overstock.com has made into Bitt? Let us know your thoughts in the comment section below.