Bitt and PwC Team for Caribbean Blockchain
Barbados-based digital currency firm Bitt will work with consultancy PwC to boost the use of bitcoin and blockchain technology in the Caribbean.
A memorandum of understanding was non-specific on any pending actions, but said PwC will advise on cryptocurrency services in Barbados. The partnership will include advice related to advancements of Bitt services and the use of bitcoin and other digital currencies.
Last year, Bitt launched a blockchain-based version of the Barbadian dollar. The new digital currency essentially acts as the digital equivalent of the official government-backed Barbadian fiat currency. The exchange rate is fixed to 1:1 between the two instruments.
“We at PwC see enormous potential for blockchain in financial services, to which end we developed the strategic and implementation capabilities necessary to help financial institutions, technology companies, and startups take advantage of this transformative technology,” said Oliver Jordan, PwC Partner and lead for Advisory services in the East Caribbean. “We have agreed to work alongside Bitt on future institutional blockchain technology implementations by, for example, central banks, commercial banks and government institutions throughout the region.”
Bitt COO Simon Chantry said the company has “laid the groundwork for rolling out a blockchain-based digital payments system, and are committed to providing this technology to usher in a digital currency transformation and the many benefits it will bring to our economies.”
