Bitt launches Barbados dollar based on blockchain technology and calls for the establishment of Bitcoin Alliance

Bitt has launched the Barbadian dollar, a new product based on blockchain technology, and the company believes that this new product will go a long way in attracting the country’s underserved segment of the population.

The announcement came two days after the company held two gatherings, one at the local Buzo Osteria Italiana restaurant to celebrate the launch and the second on a cruise ship to celebrate the global launch, and the 2016 Financial Cryptography Conference and Data Security Conference were held in Barbados at the same time.

So far, Caribbean Broadcasting Corporation has reported on Bitt’s launch, highlighting the company’s goal of establishing a financial settlement network across 15 countries in the Caribbean.

CEO Gabriel Abed said the official launch marks the company’s third phase in its development plan, telling CoinDesk: “Our company’s goal is to build an ecosystem. We launched the exchange nine months ago. Now, we have started the second phase, which is issuing fiat virtual currency. Whatever you call it, it is a digital currency that circulates in the Barbados market and is transferable like an IOU.”

Abed said the company is now working on developing a network of ATMs and ATMs that will allow users to exchange digital currencies and Bitcoin for hard currency. For the company, this will help it compete with remittance giants like MoneyGram and Western Union.

Abed explained that the company will improve its mobile client app so that users can check Know Your Customer (KYC) and Anti-Money Laundering (AML) to help the company build a currency exchange network.

Abed further indicated that there are many potential customers in Barbados who support the idea, including owners of gas stations and barber shops, who all hope to add new services to their customers.

“We have a lot of people who want to sign up for our app in Barbados because there was no company that could provide a solution before,” Abed said. The island has no e-commerce but has 100% mobile phone penetration.

Since its founding in 2015, the company has raised $1.5 million in funding and has a team of 16 people.

Technological Development

To build its digital currency, Bitt leveraged the Colored Coins protocol, which allows new digital assets to be built on top of Bitcoin’s blockchain technology.

"Blockchain technology enables certain types of assets to become part of Bitcoin," the company explains in an information brochure.

Therefore, the Barbados dollar issued by the company can be regarded as a digital asset and is equivalent to the currency issued by the government.

Abed went on to say that transactions would be sent to Bitt wallets in a peer-to-peer manner, making it easier for governments and local regulators to monitor.

Abed said that in the future, Bitt will work to upgrade functionality by using new technologies such as Liquid and Blockstream projects to enable bitcoin to flow between exchanges and BitGo Instant, a tool that makes transactions verification-free.

The startup believes these moves will help attract users who sometimes turn away from bitcoin because of its unpredictable market swings and slow verification speeds.

JPM compiled from

Coindesk, Bitt Launches Barbados Dollar on Blockchain, Calls for Bitcoin Unity, by Pete Rizzo