Overstock’s Medici Ventures Acquires Controlling Stake In Bitt

Overstock’s blockchain subsidiary, Medici Ventures, now has a controlling stake in blockchain startup Bitt after an $8 million equity purchase, the firm said in a press release on 28 October.

According to the announcement, the latest investment in Bitt will help Medici Ventures in its pursuit of market opportunities, that could accelerate the adoption of digital currencies in developing countries. The Overstock subsidiary also noted that its controlling interest in the firm will help the Bitt with its bid to accelerate Central Bank Digital Currency (CBDC) growth. Bitt’s president, Brian Popelka, said in a statement:

“Medici Ventures has been an ideal partner for Bitt, providing us with strong support and consistently believing in the mission of the company. 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.”

The $8 million equity purchase marks the third time that Medici Ventures has invested in the Barbados-based Bitt. Back in 2016, the Overstock subsidiary inked a $4 million equity deal with the firm, which was followed by an additional $3 million equity investment in 2018. Founded in 2013, Bitt’s goal was to provide the infrastructure to “support a digital financial ecosystem throughout the Caribbean”.

In fact, the Barbados-based firm was chosen in 2019 to assist the Eastern Caribbean Central Bank (ECCB) with its CBDC pilot. The collaboration involved a “securely minted and issued” digital version of the Eastern Caribbean dollar, that would be distributed for use by financial institutions across the Eastern Caribbean Currency Union (ECCU).