Barbados-based blockchain start-up Bitt has reportedly announced its plans to create a Caribbean-wide settlement network. This might be a challenge
Barbados-based blockchain start-up Bitt has reportedly announced its plans to create a Caribbean-wide settlement network.
This might be a challenge in legal, technical and social terms. However, they have reportedly made a step forward by signing a deal with Netki, a California blockchain start-up, as explained in a recent article.
As Bitt`s co-founder Oliver Gale told the online media, the upgrade will help to connect regional central banks and commercial banks that use digital fiat currencies and blockchain technology for payment transactions.
“We’re offering Bitt as a payment network. The vision is connecting the Caribbean with a settlement network.”, as Gale noted.
“Across more than 7,000 islands, the Caribbean has 13 sovereign island nations and 12 dependent territories, most with their own financial system and currency.”, according to a press releases cited in the article.
As for Netki`s CEO Justin Newton, he stated that the collaborative effort is helping them bring blockchain to the enterprise.
“One of the reasons that I think the partnership we have with Bitt will be so successful is that it is addressing these digital identity with open standards. Using an open, permissionless network gives them the most flexibility for the future.”, as he pointed out in an interview.
As Bitt described it, this project is one that tries to solve real-world challenges. Blockchain technology is reportedly lying at the bottom of it.
Last year, the company announced the launch of a digital Barbadian dollar on the blockchain in collaboration with another blockchain start-up named Colu.
The initial idea was to turn the cryptocurrency into real and government-backed token. However, it still remains a controversial issue.