Medici Ventures

Overstock Subsidiary Bitt signs MoU with Centrale Bank van Curaçao en Sint Maarten

Aug 14, 2018, 6:21PM
2 min, 8 sec READ

Medici Ventures, a subsidiary of Overstock, has announced that its fintech company Bitt has signed an MoU with the CBCS.

Medici Ventures, a subsidiary of popular online retailer turned crypto player Overstock.com, has revealed that its fintech company Bitt has signed a Memorandum of Understanding (MoU) with Centrale Bank van Curaçao en Sint Maarten (CBCS), the central bank of the Caribbean island of Curaçao. The MoU is aimed at assisting the bank with digital payments for Curaçao and Sint Maarten by issuing a Curaçao en Sint Maarten guilder.

The MoU, signed on August 3, is Bitt’s second MoU, having previously signed a MoU with the Eastern Caribbean Currency Union (ECCU). The agreements showcase Overstock’s two-prong approach to greater crypto adoption with one aimed at financial institutions and the other at easier access to crypto for the masses.

Rawdon Adams, CEO of Bitt Inc., describes the MoU,

"The MOU clears the way for collaboration and information sharing regarding a feasibility study, designed to determine the viability and functionality of using a central bank-issued digital guilder within the financial ecosystems of each member, and across both members of the monetary union."

The CBCS is also keen to exploit emerging technologies to streamline and strengthen financial services. Leila Matroos-Lasten, acting President of the CBCS, emphasizes the relevance of the MoU in helping promote efficiency in Curaçao and Sint Maarten,

“The central bank is determined to address its challenges proactively by exploring the latest technology available, for example, to reduce the level of cash usage within the monetary union, and to facilitate more secure, more AML and KYC compliant, and more efficient financial transactions within and between Curaçao and Sint Maarten.”

She goes on to acknowledge the potential of digital payments,

“The CBCS herewith recognizes the transformative potential of innovation and technology and is committed to exploring solutions regarding efficiency of cross-jurisdictional transactions and digital payments whilst ensuring compliance and security assurances obtained by these state of the art (fintech) solutions. This would be beneficial to everyone.”

Overstock has evolved from being an online retailer with its recent focus on cryptocurrency. The company, nearly 20 years old, was one of the first major retailers to accept Bitcoin as payment. Since launching into crypto, it has signed an agreement with the World Bank to bring cryptocurrency to developing countries. It is also working on a regulated Security Token Exchange.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.