Overstock Invests $4M In Digital Currency FinTech Firm
PYMNTS, 04 April 2016
Overstock’s CEO has a reputation for having an affinity for digital currency — which has been reflected in Overstock’s business plans — and now, the company has taken that vision a step further.
The company announced late last week a $4 million investment in Bitt, a Caribbean-based FinTech firm that aims to help digital currency adoption grow in that region.
“A major impediment to economic advancement around the world is the fact that the vast majority of humans are unbanked. Yet, mobile penetration, in some countries, exceeds 100 percent. 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 t0 offering to Wall Street),” said Overstock CEO Patrick Byrne. “We respect and endorse that vision and share a common desire to see online consensual exchange flourish globally. As they say around these parts, ‘One love.’”
