On 28 October 2020, Medici Ventures announced an $8 million equity purchase in Barbados-based FinTech firm Bitt, resulting in Overstock subsidiary Medici gaining a controlling interest. Bitt plans to use the funds to engage in opportunities in the digital currency sector. It’s best known for working with the Eastern Caribbean Central Bank on a central bank digital currency project (CBDC).
Bitt leverages blockchain or distributed ledger technology (DLT) for seamless peer-to-peer (P2P) payments through its software and apps. Medici previously invested in Bitt in 2016 through a $4 million equity purchase, followed by another $3 million in 2018. We note the use of the term “equity purchase” and have asked whether the purpose is to distinguish it from a token investment.
“This equity purchase will allow Bitt to continue to innovate and expand in the digital currency space, as global adoption of central bank digital currencies continues to garner global interest,” said Bitt CEO Brian Popelka.
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