Bitt has launched a blockchain-based version of the Barbadian dollar, a new product that it believes will help its service appeal to underbanked users in its home country.
The announcement follows two days of local engagement, including a private launch on Monday held at local restaurant Buzo Osteria Italiana, and an international launch during a cruise on Tuesday that took place in conjunction with the Financial Cryptography and Data Security 2016 conference in Barbados.
So far, the engagements have earned Bitt coverage from the Caribbean Broadcast Corporation (CBC), as it seeks to better highlight its goal of creating a financial settlement network for the 15 nations in the CARICOM region.
Bitt CEO Gabriel Abed said that the formal unveiling moves the startup toward “phase three” of its launch plan, telling CoinDesk:
“Our goal as an organization is to build an ecosystem. We launched our exchange nine months ago. Now, we’ve launched our second phase, the digital fiat dollar. Whatever you want to call it, it’s the dollar in Barbados digitized as an IOU that can be sent and received.”
Abed said Bitt now intends to focus on developing a teller and ATM network to allow