Medici Ventures has completed an $8 million equity purchase in Barbados-based Bitt, bringing it a controlling interest in the blockchain firm. Medici’s latest investment will help it chase market opportunities around the adoption of digital currencies in developing countries, the Overstock subsidiary said in an announcement Wednesday.
“Bitt’s pioneering work in the central bank digital currency space promotes social inclusion, financial empowerment and economic growth,” said Overstock CEO and Medici Ventures President Jonathan Johnson. “It is the perfect use case for blockchain technology.”
Last March, Bitt linked a deal with the Eastern Caribbean Central Bank to pilot a “securely minted” and issued digital version of the Eastern Caribbean dollar designed to be distributed across the region.
Bitt will remain in Barbados following the deal, while its president, Brian Popelka, will also become the blockchain firm’s new CEO.