Medici Ventures invests into Caribbean company Bitt

The subsidiary of the well-known online retailer Overstock invests three million USD in the blockchain oriented company Bitt (Barbados)
19 March 2018   756

This move will provide the company an essential growth in ownership (by 8.6 percent).

Bitt was founded in 2015 in Barbados as a mobile payment platform for the Caribbean market. Then the company developed its own digital system of commerce based on blockchain technologies. Medici Ventures had already made a significant stake in the company in 2016 (it invested 4 million US dollars). This year Bitt had made its version of digital Barbadian dollar on the bitcoin blockchain.

Bitt started a partnership with Montserrat (the Caribbean island) in February, 2018 in order to introduce its platform for digital payments in this region. With the help of smaller economies, struggling with the liquidity and the financial institutions (such as the ones in the Caribbean), it is not difficult to observe the way how 

blockchain-based alternatives would be able to change the current situation. The company is making possible the purchase of services or goods using digital version of currency that can be accessed and transferred through a mobile application.

The President of Medici Ventures and the CEO of Bitt are both rather optimistic about this investment. Jonathan Johnson (Medici Ventures) finds Bitt`s new technologies progressive and useful and Rawdon Adams (Bitt) is thankful to Medici Ventures for the great support in their mission.

The division of Medici Ventures, based in 2014 had made a substantial contribution to the development of the blockchain technologies. In November, 2017 its another subsidiary - tZero started the run of an initial coin offering (ICO). Nowadays Medici Ventures has got an investments` portfolio that includes nine different organizations whose activity is connected with the blockchain technology.

Reddit Founder to Share Thoughts on Crypto Winter

Alexis Ohanian believes that overall market fall allows to clean industry from speculators and its good for long-time health
22 February 2019   110

The prolonged fall in the cryptocurrency market allows the industry to get rid of speculators, freeing up space for real cryptocurrency enthusiasts. This was announced by the founder of the Reddit social network, Alexis Ohanian, in an interview with Yahoo Finance.

He noted that such mass cleaning is beneficial to the industry’s long-term health.

Now, it's still to be seen. But what's a strong signal to me is still some of the smartest people I know in tech are working on solving these problems. They're building companies that are built on blockchain. The hype is gone. The fervor is gone. But I think that's a good thing.

Alex Ohanian

Founder, Reddit

In February, Reddit attracted $ 300 million investment and reached an estimate of $ 3 billion. The Chinese holding Tencent ($ 150 million), investment firms Sequoia and Fidelity, as well as the musician Snoop Dogg, took part in the round of financing.

Earlier, the head of Pantera Capital, Dan Morehead, said that market participants should not worry about cryptosis, as the current situation opens up good prospects for the future development of the bitcoin and blockchain industry.

A similar point of view was expressed by the founder of Morgan Creek, Anthony Pompiano, in November 2018, stating that the bear market is throwing "tourists" out of the game.