Today, Overstock’s Medici Ventures doubled down on its investment in the realm of digital currency for central banks. The additional $3 million dollar investment in Caribbean blockchain-based digital payment provider Bitt.com signals a reaffirmation of Overstock and Medici’s belief in the ability of digital currencies to become the de facto means of payment transactions.
Medici Ventures originally invested $4 million in the Barbados-based fintech company in 2016. At the time of the initial investment, Overstock CEO, Patrick Byrne, stated, “Bitt has a vision for the Caribbean of frictionless mobile cash, beginning with central banks transparently issuing digital fiat which is then exchanged on a blockchain (all under proper regulatory oversight, as with our tØ offering to Wall Street).”
In a recent conversation with Bitcoin Magazine, Byrne reaffirmed his company’s continued belief in that vision. He pointed out the ubiquity of payments in the island nation, citing that people use digital currency for all kinds of purchases at 150–200 stores around the island, even at the fried-chicken restaurant chain Chefette. “You can walk into this charming chain and buy a drumstick with your phone,” said Byrne, “so it’s basically mobile banking but it’s not …read more