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Topic: Overstock invests $4 million in Caribbean firm working on digital currencies (Read 848 times)

legendary
Activity: 1652
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Mmhh in the article of barbadosadvocate it is written the volume of the funding is $16million.
So how much is it really?

http://www.barbadosadvocate.com/business-news/mega-deal



Perhaps they've received the money in several tranches and the current tranche is $4 million, but the total received to date is $16 million?

The other possibility is that the barbados advocate is quoting in Barbados Dollars. 1 Barbados dollar is 0.5 USD.
legendary
Activity: 1442
Merit: 1016
Mmhh in the article of barbadosadvocate it is written the volume of the funding is $16million.
So how much is it really?

http://www.barbadosadvocate.com/business-news/mega-deal

Quote
Bitt gets backing from US retail giant Overstock Inc.

 
Bitt, the Barbados-based financial technology company aiming to revolutionise the Caribbean’s financial ecosystem, has closed a multimillion-dollar investment deal with US retail giant, Overstock Inc.
 
Bitt, headed by Gabriel Abed and Oliver Gale, is a financial technology company utilising cutting-edge technologies to bring the field of digital currencies to the Caribbean. Bitt is an innovative alternative to the traditional banking system, as Bitt’s services allow all financial transactions to become digital and mobile.
 
The investment was announced at a media conference held yesterday at the Courtyard by Marriott Hotel, in Hastings, Christ Church. Principals from both Bitt.com and Overstock.com. were in attendance.
 
Also in attendance was Minister of Finance and Economic Affairs, Christopher Sinckler, who openly threw his backing behind the new partnership, giving his Ministry as well as the Government’s “full support” to the innovative exercise, which he said will advance Barbados on a global level.
 
Bitt Co-founder and CEO, Gabriel Abed, noted that Bitt.com intends to use the proceeds from the investment, which amounts to US$16 million, to further its goal of building a financial ecosystem in the Caribbean that remedies the issues which people in the region experience daily, including high frictional fees from banks and money services operations that make sending money in and out of the region cumbersome and costly. 
 
“Regional small businesses find it financially prohibitive to offer online payment options to consumers and this places a drag on entrepreneurism in the Caribbean,” Abed suggested.
 
“Our aim is to use cryptography and digital ledger technology to turn our regional citizens into global citizens, giving them the ability to send or receive money directly via their phones, in seconds, from all corners of the globe,” he explained.
 
In February of 2016, Bitt launched a digitised Barbadian Dollar on the bitcoin blockchain. The company also intends to digitise all of the fiat currencies found in the Caribbean and place them on the blockchain, so they can be easily traded between the islands.
 
Bitt Co-founder and Chief Financial Officer, Oliver Gale, has meanwhile noted that Bitt’s financial technology revolution will bring to consumers a faster, better, cheaper and more traceable way of banking.
 
“We now have a new multibillion-dollar-backed investor to help make this vision a reality,” he said.
 
Overstock.com CEO, Dr. Patrick Byrne, has noted that Barbados is ahead of the Netherlands, now looking to bring such an innovative exercise on stream. He revealed that his decision to invest in the local company was fuelled by his positive interactions with Principal Bitt investor Peter George, representing the Trinidadian investment firm, Avatar Capital; officials from Invest Barbados; the US Embassy in Barbados; and the Minister of Finance. As such, he is looking forward to a long-standing relationship with the island. (RSM)
hero member
Activity: 1008
Merit: 1012
They should have clarified which digital currencies they have in mind. Different people are going to differently interpret this.

The more and more corporate invests in blockchain technology, the more mainstream it will become.
$4 Million isn't a lot.
You are right. $4 million is not alot when it comes to bitcoin as that what is transferred in a week on the blockchain. For Corporations that are large like this one, Overstock is big and has been around for years so they are a well established entity in the online retailer world, that is just sales for 90 days of operation.
legendary
Activity: 3556
Merit: 7011
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Wow! Bitcoin is gaining massive support .
I think it will replace fiat soon. Smiley
Stop leaking shit like an anus, there's no way bitcoin is going to replace fiat in our lifetimes, if at all.  As it stands now btc has very few advantages over cash, one of the few being cheap fees.  That's certainly good for businesses like overstock, but do you really see that much positive in this?  Isn't using your credit or debit card so much easier?
legendary
Activity: 1246
Merit: 1000
!!! RiSe aBovE ThE StoRm !!!
It does not influence at a large scale on Bitcoins...
It needs something huge, something like media talking all the way through Bitcoins, and some channels especially for Bitcoins' news...
sr. member
Activity: 252
Merit: 250
Well banks will have their own blockchain or will join the bitcoin ,the thing is they wanna be ahead the crypto world,and they can really damage the crypto world,but well think at invest at some coin they may create and those coin gets you a montlhy share from the revenue they got,would act like share market.
full member
Activity: 196
Merit: 100
I think this is good news for the progress of digital currency. As more and more companies who explore digital currency means they are increasingly convinced that digital currency could become an alternative currency that can be used properly and transparently. And I hope in the future more and more companies who explore digital currencies and recognizing digital currency
legendary
Activity: 1652
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Although Bitcoin is open-source I am worried about patent trolls or any of the big banks trying to patent something in their version of the Blockchain. Just read this http://www.cnbc.com/2016/01/28/bank-of-america-is-going-big-on-blockchain-plans-to-file-20-patents.html

Looks like everyone now wants a piece of the Blockchain technology for their own greedy purposes. Is there a way to protect the Blockchain so as not to allow people to file for patents left right and center?

When people file to patent blockchains, other people with an interest in open source tend to submit evidence to show that it is open source. Also, the patent offices now know that it started off as open source and they can search github for evidence. It's not like it was in 2011 when nobody knew what blockchains were.
legendary
Activity: 1442
Merit: 1016
Although Bitcoin is open-source I am worried about patent trolls or any of the big banks trying to patent something in their version of the Blockchain. Just read this http://www.cnbc.com/2016/01/28/bank-of-america-is-going-big-on-blockchain-plans-to-file-20-patents.html

Looks like everyone now wants a piece of the Blockchain technology for their own greedy purposes. Is there a way to protect the Blockchain so as not to allow people to file for patents left right and center?

This could be a problem to Bitcoin companies, but not for Bitcoin the network.
And for now lots of attempts to patent certain features of the Blockchain Tech have mostly failed.
A decentralized system will always find a way to show the middle finger to such stupid attempts.I'm not worried too much about that.
legendary
Activity: 2674
Merit: 3000
Terminated.
They should have clarified which digital currencies they have in mind. Different people are going to differently interpret this.

The more and more corporate invests in blockchain technology, the more mainstream it will become.
$4 Million isn't a lot.
legendary
Activity: 3080
Merit: 1500
That's indeed a great news!

The more and more corporate invests in blockchain technology, the more mainstream it will become.

If this continues, probably we will see a parallel economical system in near future along with fiat currency. Welcoming news!
legendary
Activity: 1848
Merit: 1009
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Wow! Bitcoin is gaining massive support .
I think it will replace fiat soon. Smiley
It will not, maybe in longer term. Anyway bitcoin best bet is store of value.

Yeah it will never. Why do people think that is BTC's goal? It'll never replace fiat, rather it should be along it.

@ontopic Hopefully they'll have something like that in SEA too. Banks are stepping up their game with reloadable debit cards here. Time's ripe for something like Bitt.
sr. member
Activity: 350
Merit: 251
Shit, did I leave the stove on?
Although Bitcoin is open-source I am worried about patent trolls or any of the big banks trying to patent something in their version of the Blockchain. Just read this http://www.cnbc.com/2016/01/28/bank-of-america-is-going-big-on-blockchain-plans-to-file-20-patents.html

Looks like everyone now wants a piece of the Blockchain technology for their own greedy purposes. Is there a way to protect the Blockchain so as not to allow people to file for patents left right and center?
hero member
Activity: 560
Merit: 500
With fiat coming by blockchain credit and debit machines will become uselless and those 3-5% will stand with the seller and merchant.Soo cielo and others companies can be affected a bit by these inovation if people start to use it,they runned for a long time with a montly fee and more those % in each transaction soo someone has the vision to maximize the income already.
legendary
Activity: 1652
Merit: 1088
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I wonder if the banks in the Caribbean region will pay a license to the Bitcoin Foundation for using its Blockchain technology to run their digitized local currencies. Does anyone know if there is a patent over the Blockchain tech? 
 
By the way can we stop with this feud between Bitcoin and fiat please? There is no need for Bitcoin to replace fiat as you can see they both can coexist peacefully  Wink


It's all Open Source, so no patents, anyone can set up alts or blockchains.

I also agree that there shouldn't be any feud between bitcoin and fiat. The significance of what is happening in the Caribbean is that if fiat goes on a blockchain, it removes the need for banks, because prior to blockchains you needed banks for payment processing. It sounds to me like central banks are planning for the next financial crisis and this time will let the banks fail because they don't need them anymore.
member
Activity: 84
Merit: 10
Lot of the unbanked areas like Africa have mobile banking already set up where they trade phone credits for purchases. If you think its easy to just waltz into these markets and get people interested in bitcoin you really have not watched how slow things are changing to make a lot of these areas better for their own benefit. You would be looking at least 5 years out for any dent and even that would be a long shot.
legendary
Activity: 966
Merit: 1000
TRUMP IS DOING THE BEST! MAKE AMERICA GREAT AGAIN!
Overstock is a huge company and I have ordered and dealt with their customer service in the past.
This being a step in the right direction to get major markets towards bitcoin adaptation since they are mostly online only, so this goes well together.
Being in the Caribbean can be looked over for now, just as long as the bottom line is met. That being, it will allow it's customers to use bitcoin to buy household goods and items that are essential to daily living such as clothes and deodorant  Cheesy
legendary
Activity: 2604
Merit: 1036
I wonder if the banks in the Caribbean region will pay a license to the Bitcoin Foundation for using its Blockchain technology to run their digitized local currencies. Does anyone know if there is a patent over the Blockchain tech? 
 
By the way can we stop with this feud between Bitcoin and fiat please? There is no need for Bitcoin to replace fiat as you can see they both can coexist peacefully  Wink
legendary
Activity: 1946
Merit: 1007
Bitdumper, you do realize that fintech or blockchain technology does not mean bitcoin?

They are investing in the mechanisms around bitcoin and blockchain to improve their service, they are not implying to invest into bitcoin.
legendary
Activity: 2296
Merit: 1014
Wow! Bitcoin is gaining massive support .
I think it will replace fiat soon. Smiley
It will not, maybe in longer term. Anyway bitcoin best bet is store of value.
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