Overstock subsidiary Medici Ventures is putting a lot of money into a bitcoin and cryptocurrency startup known as Bitt. Thus far, the firm has placed roughly $8 million into the venture, which is based in the small Caribbean island nation of Barbados. The money that Medici has placed in Bitt means that it is now the company’s biggest investor, and thus holds controlling interest.
Medici Ventures Is Trying to Sway BTC Adoption
We have seen a lot of companies turning away from cash and traditional methods of money in the past several days and weeks. Quite a few – such as Square and MicroStrategy – are doing everything they can to ensure they have control over bitcoin and are adding it to their portfolios. MicroStrategy is interesting in that not only has it purchased large amounts of the digital currency, but it is also giving all the companies investing in its platform indirect access to it.
A similar situation is being viewed here. While Medici doesn’t necessarily own bitcoin, it’s a controller in the sense that it holds heavy sway over Bitt and the company’s operations. Medici initially purchased a massive stake in the company back in 2016. This stake is worth approximately $4 million at the time of writing. From there, it purchased another $3 million in the company about two years later.
Now, with its latest $1 million investment, the total Medici has put into Bitt reaches the $8 million mark, making Medici the “parent company” if you will of the Barbados-based firm.
The company explained in a recent letter penned by Jonathan Johnson – Medici’s and Overstock’s chief executive officer and president – that it can potentially persuade and influence the growth of digital currency adoption with the money and financial resources it has provided Bitt. The letter explains:
We are strong believers in what Bitt is doing, and remain committed to supporting its forward-thinking vision, which aligns with Medici Ventures’ mission of democratizing capital, eliminating middlemen, and re-humanizing commerce. Bitt’s pioneering work in the central bank digital currency space promotes social inclusion, financial empowerment, and economic growth. It is the perfect use case for blockchain technology to change the way in which we transact fundamentally, and fundamentally change how societies function.
The Growth of the Caribbean BTC Space…
Bitt was primarily designed to enable bitcoin-based transactions and infrastructure in the Caribbean. The company has been around for over seven years. Not long ago, the company signed a contract with the Eastern Caribbean Central Bank (ECCB) to test out a new digital version of the eastern Caribbean (EC) dollar.
Medici is also ensuring traders and investors in the Caribbean that Bitt will remain based in Barbados, and that the president of the company – Brian Popelka – will now serve as its new chief executive.
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