Medici Ventures is a wholly-owned subsidiary of Overstock (NASDAQ:OSTK) that focuses on blockchain technology.
Bitt was founded in 2013 as an infrastructure provider that seeks to support a digital financial ecosystem throughout the Caribbean. Bitt’s financial software and mobile application platform uses blockchain to facilitate secure peer-to-peer transactions.
In March of 2019, Bitt signed a contract with the Eastern Caribbean Central Bank (ECCB) to pilot a digital version of the Eastern Caribbean (EC) dollar or Central Bank Digital Currency (CBDC). The EC dollar is expected to be distributed and utilized by financial institutions throughout the Eastern Caribbean Currency Union’s (ECCU) member countries.
Medici Ventures first purchased $4 million of equity in Bitt in early 2016, followed by an additional $3 million equity purchase in 2018. With a controlling interest in Bitt, Medici says it will provide further support in the company’s mission of accelerating the adoption of central bank digital currencies.
Bitt’s presence will remain in Barbados and its president, Brian Popelka, will assume the role of Chief Executive Officer.
Overstock CEO and Medici Ventures President Jonathan Johnson commented on the investment:
“We are strong believers in what Bitt is doing, and remain committed to supporting its forward-thinking vision, which aligns with Medici Ventures’ mission of democratizing capital, eliminating middlemen, and re-humanizing commerce. Bitt’s pioneering work in the central bank digital currency space promotes social inclusion, financial empowerment, and economic growth. It is the perfect use case for blockchain technology to fundamentally change the way in which we transact, and fundamentally change how societies function.”
Popelka called Medici an ideal partner and said the investment will help Bitt continue to innovate and expand in the digital currency sector.
Overstock announces Q3 financial results before the bell tomorrow.