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.