Bitt.com, a Barbados-based blockchain-based digital payment provider, raised $3m in funding.
A wholly owned subsidiary of Overstock.com, Inc., Medici Ventures exercised an option to purchase additional ownership interest in the company. It will increase its ownership stake in Bitt’s total Class A and B common shares by 8.6% in exchange for the additional funding.
Founded in 2015 by CEO Rawdon Adams, Bitt is a financial technology company that uses blockchain and distributed ledger technology to build a secure, streamlined, peer-to-peer payment ecosystem in the surrounding region.
This increased investment follows Bitt’s recent announcement of a signed memorandum of understanding with Montserrat to launch a digital payments platform for the Caribbean nation and its launch of a digital wallet in Barbados.