Medici Ventures has injected a further $3m to Barbados-based Bitt.com, a blockchain-based digital payments provider.
The firm exercised its right to purchase additional ownership in the company, increasing its stake in the total Class A and B common shares by 8.6 per cent. The transaction will see it acquire a further 22 million Class A shares and 22 million Class B shares. Medici initially $4m invested in to Bitt in 2016, not long after the company’s launch.
Founded in 2015, the company uses blockchain and distributed ledger technology to build P2P payment ecosystems in the Caribbean. The app empowers anyone to send and receive money from around the world or purchase digital currency.
The company recently signed an agreement with Montserrat to launch a digital payments platform in the country. Bitt also launched a digital wallet solution for Barbados.
Bitt CEO Rawdon Adams said, “Bitt is in a unique position to provide the solutions to boost both financial inclusion and overall economic performance through its blockchain-based software. That’s already being recognized by regional governments overseeing economies characterized by large informal sectors, persistently high rates of poverty and expensive traditional financial services.”
Last year, Medici made a $2m investment in to business management and payment software platform Spera. The company enables users to accept card payments, send and receive transactions without fees and a one-click pay solution.
The firm also took part in the $428,000 growth equity deployment to Ripio, an Argentinian bitcoin startup that helps consumers buy and sell bitcoin in local currency, or make online payments.
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