Overstock invests $4M in Caribbean bitcoin startup Bitt

Investing | April 5, 2016 By:

Overstock announced a strategic investment in Bitt. Overstock is investing $4 million in Bitt initially.

“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 t0 offering to Wall Street). We respect and endorse that vision, and share a common desire to see online consensual exchange flourish globally. As they say around these parts, ‘One love’,” said said Overstock CEO Dr. Patrick M. Byrne.

Bitt plans to use the funds to attain its goal of creating a financial ecosystem in the Caribbean that resolves the problems people in the region face, such as high frictional fees from banks and cumbersome, costly remittance services.

Overstock.com, Inc. is an American online retailer headquartered in Cottonwood Heights, Utah, near Salt Lake City. Bitt is a Caribbean-based financial technology firm.