Blockchain-based service providers are not difficult to come by these days. A lot of firms show a growing interest in this new technology. Bitt, a company focusing on blockchain-based digital payments, is of great interest as of right now, Medici Ventures recently made it clear they aim to increase their ownership interest in this company.
It is evident Bitt has a lot of potential. The Caribbean blockchain-based digital payment provider is working hard to revolutionize the financial sector. One of their backers is Medici Ventures, a well-respected firm. It seems this latter company wants to increase its ownership stake in Bitt as of right now. This would be done through spending $3m for an additional 8.6% of shares.
Medici Ventures has High Hopes for Bitt
Bitt has been around since 2015 and quickly made a name for itself. Their peer-to-peer payment ecosystem is mainly tailored to Barbados and surrounding regions. Medici Ventures was one of the first companies to invest $4m in this company. This effort was kick-started by the startup’s issuance of a digitized Barbadian Dollar on the Bitcoin blockchain. In doing so, the company showed its technical prowess and their desire to make a positive impact overall.
Medici Ventures President Jonathan Johnson comments:
“Bitt has created a blockchain-based payments ecosystem that is useful for every day transactions. t 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.”
It seems the increased investment will be finalized shortly. Bitt has recently signed a new MoU with Montserrat to launch their platform for the Caribbean nation. Additionally, their digital wallets will come to Barbados very soon. All of this goes to show blockchain technology can make a positive impact on the financial sector. Governments have shown an appreciation for what the startup brings to the table. Moreover, the Barbadian company has delivered the goods to back up their initial promise. That is something very few other blockchain startups can claim as of right now.
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