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   428

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.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   137

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.