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Today, Overstock’s Medici Ventures doubled down on its investment in the realm of digital currency for central banks. The additional $ 3 million dollar investment in Caribbean blockchain-based digital payment provider Bitt.com signals a reaffirmation of Overstock and Medici’s belief in the ability of digital currencies to become the de facto means of payment transactions.
Medici Ventures originally invested $ 4 million in the Barbados-based fintech company in 2016. At the time of the initial investment, Overstock CEO, Patrick Byrne, stated, “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 tØ offering to Wall Street).”