Bitt, a Barbados-based financial technology company, closed a $16m Series A funding.
Retail company Overstock.com made the investment which values the company at $50m.
The company intends to use the funds to continue to develop its platform and grow its staff.
Led by CEO Gabriel Abed and CFO Oliver Gale, Bitt is developing its software suite which includes a digital asset exchange, a mobile money wallet, a remittance platform, and merchant payment processing tools. The company, which has just launched a digitized Barbadian Dollar on the bitcoin blockchain, intends to digitize all of the fiat currencies found in the Caribbean and place them on the blockchain so they can be traded between the islands, bringing state-of-the-art solutions to a region historically limited by inefficient exchange and settlement systems.