Bitt Launches Caribbean’s First Blockchain Based Digital Money

176
ADVERTISEMENTSSpectre Token SaleParagon ICO Atlant ICO Ties

Share with:


The Caribbean’s first blockchain-based digital money was launched on Monday by the Barbados based financial technology company, Bitt Inc.

The founders of Bitt Inc. have noted that Barbados, like the rest of the Caribbean, has historically had challenges with its banking and financial infrastructure. This not only severely affects large institutions but also Caribbean people. From Bitt’s perspective, the region has been trying to increase financial inclusion for quite some time but with minimum progress. The technology launched by Bitt is a major step forward in solving this problem.

“The Barbadian Digital Dollar is easy to send to anyone, anywhere, with a few gestures on your mobile device. Commerce can be done with less friction, payment can be made instantly, auditors can cryptographically verify the signatures with unparalleled security,” said Oliver Gale, Co-Founder and CFO of Bitt Inc.

The company makes it clear that the digital Barbados dollar is not the same asset as the now well known cryptocurrency – bitcoin. “One of our digital Barbados dollars is equivalent to one dollar issued by the Central Bank of Barbados. What we do is allow people to do more with their money,” said Gabriel Abed, Co-founder and CEO.

Using ‘distributed ledger technology’, the company is poised to roll out its services to the region. By enabling all the currencies in the Caribbean to be used on the blockchain, it is expected that Bitt will potentially act as a much needed settlement service for the region. “I want to position Bitt to become the heart of the Caribbean’s settlement system,” Abed stated.

Established two years ago based on funding from Avatar, a Trinidadian investment company, Bitt’s ecosystem focuses on digital asset exchange, mobile wallets, remittance and merchant solutions, and has the capacity to continuously develop and expand its core services.

Trinidadian businessman Peter George, speaking on behalf of the investors, noted his satisfaction with Bitt’s vision and performance to date. Describing the Bitt team as ‘revolutionaries’ he revealed that the investors had already received returns.

The launch took place at Buzo Osteria Italiana (Barbados) on Monday evening, as witnessed by several members of the local business community and the media, signaling a new era of financial inclusion in the Caribbean.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

Visit Website
View All Articles
advertisement