Bitt launches Barbadian dollar on Blockchain

Investing | February 29, 2016 By:

Bitt Inc. has announced the launch of a blockchain-based version of the Barbadian dollar, a new product that it believes will help its service appeal to underbanked users in Barbados.

The new digital currency essentially acts as a digital equivalent of the official government-backed Barbadian fiat currency. The exchange rate is fixed to 1:1 between the two instruments, “One of our digital Barbados dollars is equivalent to one dollar issued by the Central Bank of Barbados. What we do is allow people to do more with their money,” said Bitt CEO and co-founder Gabriel Abed.

“Our goal as an organization is to build an ecosystem. We launched our exchange nine months ago. Now, we’ve launched our second phase, the digital fiat dollar. Whatever you want to call it, it’s the dollar in Barbados digitized as an IOU that can be sent and received,” Abed added.

Bitt Inc. is a Barbados-based fintech firm.