Bitt, found online at Bitt, offers a range of blockchain solutions to customers, central banks, and financial institutions throughout the Caribbean. Find out how the platform works today in our review.
What Is Bitt?
Bitt claims to be the Caribbean’s fastest growing platform for moving and holding “any form of money commodity” instantly and securely. The Bitt platform simplifies the money transfer process for companies, financial institutions, and personal financing purposes, using any form of currency.
Bitt can be used by consumers, businesses, financial institutions, or even central banks.
In February 2018, Bitt issued a press release explaining that the company had signed a memorandum of understanding with the Caribbean island of Montserrat. Bitt will launch a digital payments platform for the island. Then, in March, the Eastern Caribbean Central Bank (ECCB) and Bitt signed an MOU to conduct a fintech pilot on blockchain technology in ECCB member countries.
Bitt is based in Barbados. You can download the Bitt app for free for the Android or iOS app store.
What Does Bitt Do?
Bitt is a fintech company specializing in blockchain technology for Caribbean nations. Some of the core products and services offered by the company include:
- Cryptocurrency Exchange: Bitt has already launched the first cryptocurrency exchange in the Caribbean
- Digital Currency Wallet: The Bitt Wallet is available as a free app today from the Android and iOS app stores, letting you send or receive money in a secure and easy way
- Professional Services for Central Banks: Bitt is helping countries in the Caribbean launch their own national digital currencies on the blockchain
- Professional Services for Financial Institutions: Bitt provides professional services to banks like the Eastern Caribbean Central Bank as they seek to bring a unified regional currency to the Caribbean
As mentioned above, Bitt has already signed memorandums of understanding with the Eastern Caribbean Central Bank, the Caribbean island of Montserrat, and others. Broadly speaking, Bitt helps organizations and countries implement financial solutions based on blockchain technology.
After signing the MOU with the ECCB this month, for example, Bitt will work with the bank to develop, deploy, and test technology focusing on Know Your Customer and Anti-Money Laundering (KYC/AML) verification systems, as well as Combat the Financing of Terrorism (CFT) standards. It will also develop data management solutions and a compliance/transaction monitoring system.
The overall goal of Bitt’s work – at least with the ECCB – is to improve the risk profile of the Eastern Caribbean Currency Union, or ECU, and mitigate the trend of de-risking by banking partners in the region.
The pilot will also focus on building a secure, resilient digital payment and settlement platform with embedded regional and global compliance.
Furthermore, Bitt will work with the ECB to create a new digital EC currency. This will operate along the physical EC currency – which aims to bring a Euro-like common currency to a region that is famously splintered between currencies.
Meanwhile, with Montserrat and other Caribbean islands, Bitt has been working to position the islands as global leaders in the adoption of digital national currencies. The goal is to allow anyone with a smartphone, a computer, or a tablet to easily make digital domestic transactions. This could have lifechanging effects on the Caribbean region, where many are underserved by traditional banks.
Customers in the Caribbean also face high frictional fees from banks and other money service operations. It’s expensive to send money in and out of the region.
All of these problems have inhibited economic development in the Caribbean. Bitt believes digital currencies and blockchain technologies can change that.
Finally, in Barbados, where Bitt is based, the company has already launched a mobile app that allows anyone in Barbados to work into a store and buy goods or services with digitized Barbados currency. Bitt will likely replicate this service in Montserrat and for other Caribbean island nations.
Bitt offers all of the following core products:
The Bitt wallet is available for free from the Google Play Store or iOS App Store. The wallet aims to put financial freedom in the palms of your hands, letting you send payments for goods or services locally, over the internet, or directly to friends and family. Transactions with Bitt’s mobile wallet are easy, simple and secure.
All you need to do to get started is enter your phone number into the online form. From there, you can begin using your phone to make currency transactions. You can transfer money between friends, for example, or pay local businesses over your Bitt Wallet.
Bitt has an exchange where you can buy and sell digital currencies. Bitt’s cryptocurrency exchange is the first exchange in the Caribbean.
mMoney is a separate brand that Bitt has created. They’ve launched an mMoney Wallet and an mMoney Merchant platform under the brand. The wallet functions similar to the core Bitt Wallet: it provides a better way to get paid. The merchant platform, meanwhile, allows merchants to accept payments over any mobile device anywhere they are, then enjoy low transaction fees, reduced fraud, and no chargebacks.
Who’s Behind Bitt
Bitt is a fintech company based in Barbados. The company was founded with the goal of providing infrastructure to support a digital financial ecosystem throughout the Caribbean, stimulating financial growth and securing financial access for future generations.
Bitt is affiliated with Overstock, Netki, PWC, CTU, and the CCAA.
Bitt, Inc. is led by CEO Rawdon Adams.
Bitt.com Review Summary
Bitt is a Barbados-based company offering a range of blockchain and cryptocurrency services. The company offers solutions for central banks and financial institutions, for example, helping them launch blockchain-based currencies or manage national currencies. Bitt also offers a digital currency wallet and an exchange.
Bitt has been making headlines consistently over the past few months. In February, the company signed an MOU with Montserrat to launch a pilot bringing their national digital currency to the blockchain. In March, Bitt signed an MOU with the Eastern Caribbean Central Bank (ECCB) to help add a blockchain-based EC currency to complement the ECCB’s existing physical EC currency.
To learn more about Bitt and their ongoing work, visit online today at Bitt.com.