Caribbean digital currency exchange Bitt has launched today, having secured $1.5m seed funding from local VC group Avatar Capital.
Also a remittance channel and merchant processing gateway, Bitt claims to have implemented “military grade security”, with a multi-signature HD wallet system keeping 95% of customers’ bitcoin offline.
Gabriel Abed, Bitt CEO, said:
“The Bitt exchange is a cornerstone project for digital finance in the Caribbean. By facilitating trade between traditional and digital currency markets, Bitt is creating the platform for very low-cost international commerce and remittance between the people who need it most – the millions of unbanked and underbanked citizens in the Caribbean.”
Consumers will be able to trade in 11 major fiat currencies, including the US dollar, the pound and the euro.