Bitt snags $3 mln from Medici Ventures


Barbados-based Bitt.com, a blockchain-based digital payment provider, has secured $3 million in funding. The investor was Medici Ventures, a blockchain-focused subsidiary of Overstock.com.

PRESS RELEASE

SALT LAKE CITY — Mar. 08, 2018 – Medici Ventures, announces the exercise of an option to purchase additional ownership interest in Bitt.com, the Caribbean’s blockchain-based digital payment provider. Medici Ventures will increase its ownership stake in Bitt’s total Class A and B common shares by 8.6% in exchange for $3M in additional funding.

Bitt is a Barbados-based financial technology company founded in 2015 that uses blockchain and distributed ledger technology to build a secure, streamlined, peer-to-peer payment ecosystem in the surrounding region. Medici Ventures first invested $4M in Bitt in early 2016, shortly after Bitt’s launch of a digitized Barbadian Dollar on the bitcoin blockchain.

“Bitt has created a blockchain-based payments ecosystem that is useful for every day transactions,” said Medici Ventures President Jonathan Johnson. “It has positioned itself as a clear leader in applying blockchain technology to solve real-world problems. 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. We’re pleased to take a larger stake in this forward-thinking company, as it aligns with Medici Ventures’ goals of re-democratizing capital.”

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 recognized by regional governments overseeing economies characterized by large informal sectors, persistently high rates of poverty and expensive traditional financial services. I thank Medici Ventures for their support of our mission.”

Medici Ventures will receive 22,012,070 Class A shares and 22,012,070 Class B shares for its investment. Johnson and Dr. Ali El Husseini, President of Medici Ventures’ investment company DeSoto Inc., are members of Bitt’s board of directors.

About Medici Ventures:

Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc., created to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions. Medici Ventures has a growing portfolio of groundbreaking blockchain-focused investments, including tZERO, Peernova, Bitt, SettleMint, Factom, and IdentityMind, Spera and Symbiont. The company’s majority-owned financial technology company, tZERO, executed the world’s first blockchain-based stock offering in December 2016.

About Bitt.com:

The Bitt group of companies has positioned itself at the forefront of financial innovation in Barbados and the wider Caribbean. The Company has leveraged blockchain-based distributed ledger technology to produce the most efficient financial services ecosystem to date. Bitt has designed a protocol that can enable digital currency issuance and transactions while maintaining 100% solvency for all client deposits.

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