OverStock invests $4 million to support Bitt’s digital currency payments business

Caribbean-based digital currency exchange Biitt has received $4 million in new investment from online retail giant Overstock.com.

Previously, Bitt launched a blockchain-based digital version of the Barbadian dollar in February. At the time of its establishment, it received $1.5 million in seed funding from local venture capital firm Avatar Capital.

加布里埃尔·阿比德, CEO of Bitt, said that the relationship with OverStock began with the Satoshi Roundtable, an industry invitation-only event held in late February.

Abid said the funds will be used to expand the company’s team and reach beyond Barbados.

Abid explained:

“We will be taking what we are doing in Barbados and extending it across the region, engaging with legislators and helping with policy reform as it relates to security, consumer protection, privacy and data, and more importantly, so that we have no barriers to innovation in blockchain, and especially bitcoin.”

Abid said they will invest some of the funds in meeting compliance requirements.

As for whether OverStock’s joining this time will bring new cooperation, for example, helping OverStock’s blockchain development plan, Abid said that the two companies will indeed have a positive and collaborative relationship.

“The two companies are like one big family, and we are really treated that way,” he said.

So why did Overstock decide to invest in Bitt? In a statement, Overstock CEO帕特里克伯恩explained that part of the reason was that Bitt was working on digital currency-based payments, with an eye on people without bank accounts in the region.

“We respect and endorse this vision and share a common desire to see online consensus trading flourish around the world,” Byrne said.

Original article: http://www.coindesk.com/overstock-invests-4-million-in-barbados-bitcoin-exchange/
By Stan Higgins
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/bitt-4million)