Cryptocurrency startup Bitt raises $1.5 million

Posted On 07 Apr 2015

Tag: Avatar Capital, Bitt, Gabriel Abed, Peter George

Bitt – a Barbados-based digital asset exchange, remittance channel, and merchant-processing gateway – announced last week that it closed a $1.5-million seed round from Avatar Capital, a Caribbean investment group based in Trinidad and Tobago. The investment will allow Bitt to continue to develop and expand its core services.

Bitt’s trading platform facilitates international Bitcoin trading in 11 major fiat currencies, including the US dollar, the Canadian dollar, the British pound, the Euro, and the Barbadian dollar.

“Avatar backs Bitt with full confidence,” said Peter George, director of Avatar Capital, in a press release. “We are pleased to invest in the development of the cryptocurrency industry in the region. It is our hope that this investment benefits the people of the Caribbean and becomes the catalyst for digital currency trading in this part of the world.”

Gabriel Abed, Bitt’s CEO, said in the press release, “The Bitt Exchange is a cornerstone project for digital finance in the Caribbean. By facilitating trade between traditional and digital currency markets, Bitt is creating the platform for very low-cost international commerce and remittance between the people who need it most – the millions of unbanked and underbanked citizens in the Caribbean.”

Image via the press release

About the Author

Katherine Fletcher is a writer and editor based in London, Ontario, Canada. With a graduate degree in journalism, Katherine spent more than five years curating news on Canadian higher education for a marketing consultancy. Her interest in reporting on Bitcoin stems from her belief that digital currency is, and will continue to be, a disruptor in how we conceive modern currency.