Medici Ventures made a US$3m follow-on investment in Bitt, a blockchain-based digital payment provider based in Barbados, following a US$4m investment in 2016.
(Press Release) Medici Ventures, announces the exercise of an option to purchase additional ownership interest in Bitt.com, the Caribbean’s blockchain-based digital payment provider. Medici Ventures will increase its ownership stake in Bitt’s total Class A and B common shares by 8.6% in exchange for $3M in additional funding.
Bitt is a Barbados-based financial technology company founded in 2015 that uses blockchain and distributed ledger technology to build a secure, streamlined, peer-to-peer payment ecosystem in the surrounding region. Medici Ventures first invested $4M in Bitt in early 2016, shortly after Bitt’s launch of a digitized Barbadian Dollar on the bitcoin blockchain.
“Bitt has created a blockchain-based payments ecosystem that is useful for every day transactions,” said Medici Ventures President Jonathan Johnson. “It has positioned itself as a clear leader in applying blockchain technology to solve real-world problems. Under the leadership of CEO Rawdon Adams, Bitt has taken a good idea and grown it into a viable product able to make the financial lives of Caribbean residents easier. We’re pleased to take a larger stake in this forward-thinking company, as it aligns with Medici Ventures’ goals of re-democratizing capital.”
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.
“This reaffirmation of the company’s promise by Medici Ventures is a tremendous reflection on the dedication, motivation and execution skills of my colleagues,” said Bitt CEO Rawdon Adams. “Bitt is in a unique position to provide the solutions to boost both financial inclusion and overall economic performance through its blockchain-based software. That’s already being recognized by regional governments overseeing economies characterized by large informal sectors, persistently high rates of poverty and expensive traditional financial services. I thank Medici Ventures for their support of our mission.”
Medici Ventures will receive 22,012,070 Class A shares and 22,012,070 Class B shares for its investment. Johnson and Dr. Ali El Husseini, President of Medici Ventures’ investment company DeSoto Inc., are members of Bitt’s board of directors.
About Medici Ventures:
Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc., created to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions. Medici Ventures has a growing portfolio of groundbreaking blockchain-focused investments, including tZERO, Peernova, Bitt, SettleMint, Factom, and IdentityMind, Spera and Symbiont. The company’s majority-owned financial technology company, tZERO, executed the world’s first blockchain-based stock offering in December 2016.
The Bitt group of companies has positioned itself at the forefront of financial innovation in Barbados and the wider Caribbean. The Company has leveraged blockchain-based distributed ledger technology to produce the most efficient financial services ecosystem to date. Bitt has designed a protocol that can enable digital currency issuance and transactions while maintaining 100% solvency for all client deposits.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company’s Form 10-Q for the quarter ended September 30, 2017, which was filed with the SEC on November 8, 2017, and any subsequent filings with the SEC.