According to a press release on 6th March, Bitt, a portfolio firm of Overstock’s blockchain firm Medici, has collaborated with the Eastern Caribbean Central Bank (ECCB) to test central bank digital currency (CBDC).
Barbados-based Bitt first signed a contract with ECCB to perform a pilot of the blockchain-powered Digital Eastern Caribbean Dollar (DXCD) on 21st February. The cryptocurrency will be used in the Eastern Caribbean Currency Union (ECCU) and is set to be distributed by licensed financial institutions and non-bank financial institutions in the ECCU.
DXCD aims to ease peer-to-peer (P2P) transaction among merchants and consumers through smart devices, allowing transfers across the ECCU. The blockchain pilot intends to promote greater stability in the financial sector, decrease cash usage in the ECCU and foster economic growth in the Caribbean.
President of Medici Venture, Mr. Jonathan Johnson, stated that Bitt’s integration with the Eastern Caribbean Central Bank will help advance blockchain technology. He asserts that Bitt’s technology significantly enhances the payments industry by using blockchain technology to provide banking options to nations with large “unbanked” populations.
ECCB initially signed an MoU with Bitt in March 2018 to use Blockchain for ensuring compliance, data management, and monitoring transactions.
Established in 2014, Medici Ventures in a fully-owned blockchain technology subsidiary of retail giant Overstock. Lately, major investors in Overstock’s crypto subsidiary tZERO reduced their upcoming investment from $404 million to $100 million.
On 1st March, the Central Bank of the Bahamas declared its key development collaborated for creating a digital fiat currency system in the island nation. The Bahamas’ “Project Sand Dollar” intends to provide equal access to digital payments capabilities, reduce cash transactions and service delivery costs.