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   976

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.

Experts Ask China Don't be in Rush For Own Crypto

Ex deputy chairman of the Bank of China said the CB should take part in the development of international regulation of crypto assets firstly
27 January 2020   125

China should strengthen cooperation with other countries to regulate the cryptocurrency industry, and not accelerate the development of its own digital currency, experts say. It is reported by the South China Morning Post.

So, the former deputy chairman of the People’s Bank of China, Zhu Min, noted that the central bank, which is developing a digital yuan in many ways as Facebook’s Libra response, should first of all take part in the development of international regulation of such assets.

Ba Shusong, chief China economist for the Hong Kong stock exchange, also believes that monitoring digital currencies requires a system that is controlled from different angles, as they have the potential to change the global financial system.

You would need to first improve the regulatory framework for [financial] technology. There is a need for global cooperation for an alternative regulatory framework.

 

Ba Shusong

Chief China economist for the Hong Kong stock exchange

 

Many fear that the popularity of Libra could strengthen the dominant role of the US dollar. At the same time, Deutsche Bank analysts believe that the digital yuan will undermine the primacy of the dollar in the global financial market.

Hiromi Yamaoka, the ex-head of the Bank of Japan supervisor of payment and settlement systems, also emphasized that the upcoming launch of Libra has caused competition among central banks seeking to make their currencies and services more attractive.

Something like Libra would make transactions costs much cheaper. Major central banks need to appeal that they, too, are making efforts to make settlement more efficient with better use of digital technology.

 

Hiromi Yamaoka

Former head of the Bank of Japan’s (BOJ) division overseeing payment and settlement systems