Bitt the builder for Curaçao and Sint Maarten’s digital guilder
Barbados-based fintech portfolio company Bitt is set to power digital payments within the monetary union of Curaçao and Sint Maarten in the Caribbean.
Bitt has signed a memorandum of understanding (MoU) with the Centrale Bank van Curaçao en Sint Maarten (CBCS) to explore the feasibility of the CBCS issuing a digital Curaçao and Sint Maarten guilder to help payments.
Leila Matroos-Lasten, acting president of the CBCS, says it wants to reduce the level of cash usage within the monetary union, and to “facilitate more secure, more anti-money laundering (AML) and know your customer (KYC) compliant, and more efficient financial transactions within and between Curaçao and Sint Maarten”.
The MoU with the CBCS marks Bitt’s second MOU with a formal monetary union, the first being with the Eastern Caribbean Currency Union (ECCU) signed earlier this year.
Also, in February, Bitt got the official seal of approval to create a digital payments ecosystem for the small Caribbean island of Montserrat.
Bitt is part of Medici Ventures, which in turn is a wholly-owned subsidiary of Overstock. Medici Ventures invests in companies that apply blockchain technology to industries including capital markets, banking and money, identity, land titling and property rights, and voting.
As reported yesterday (13 August), Overstock’s blockchain subsidiary, tZero, is going to be on the receiving end of a massive $270 million investment.