According to news from CoinDesk, Medici had already invested $4 million in the startup when it launched in 2016. As part of this new deal, Medici will buy an additional 8.6 percent stake in Bitt.
“Bitt has created a blockchain-based payments ecosystem that is useful for everyday transactions,” said Medici Ventures President Jonathan Johnson, according to Finextra. “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.”
Barbados-based Bitt will use the new funds to expand its payment solutions for residents in the Caribbean region. The company has already launched a blockchain-based version of the Barbadian dollar to serve underbanked residents.
“These are very large issues in developing countries, and success in Barbados will effectively signal to others in the region that persistent issues related to, for example poverty and large informal sectors, can be tackled to the benefit of economic development,” Adams said, according to CoinDesk.
The new funding will be used to advance Bitt’s mMoney digital wallet and central bank digital currency solutions, as well as to bring on additional developers to boost product growth.
Adams also said the company is looking at partnering on other pilot projects with central banks in the Caribbean.