Bitt Raises $1.5 Million

Founded in 2013 by Gabriel Abed and Oliver Gale, Bitt is a digital asset exchange, remittance channel, and merchant- processing gateway based in Barbados. Currently in Beta mode, the exchange is slated for release at the end of the month.

“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,” said Gabriel Abed, Bitt CEO.

While the Caribbean, and wider Latin American region, has seen significant economic development over the past two decades, many people continue to lack access to quality financial services. However, according to figures from Mobile for Development (M4D) 80% of the population do have access to, or individually own, a mobile phone. The technology offers a channel through which access to financial services can be provided to the under served, at scale.

“Digital currency’s low transaction fees as a quantum leap for small Caribbean nations that currently maintain their own currencies.”
— – Gabriel Abed, Bitt CEO

The Caribbean Startup secured the funds in a seed round led by Avatar Capital. The company aims to bring digital currency financial services to emerging markets. “Avatar backs Bitt with full confidence,” said Peter George, Director of Avatar Capital.

“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.”
— – Peter George, Director of Avatar Capital

Bitt is powered by AlphaPoint’s white label exchange technology, designed by veteran Wall Street traders. Bitt facilitates international Bitcoin trading in 11 major fiat currencies, such as the US Dollar (USD), Great Britain Pound (GBP), Canadian Dollar (CAD), Euro (EUR), and Barbadian Dollar (BBD). “We were very excited to be selected by Bitt to power their exchange and support their vision of lowering costs for payments and remittances,” said Vadim Telyatnikov, CEO of AlphaPoint.

Also founded in 2013, AlphaPoint provides services to Bitfinex, mexbt and Cointrader.

“By connecting their platform to global exchanges, Bitt can offer Caribbean residents competitive exchange rates and deep liquidity from around the world.”
— – Vadim Telyatnikov, AlphaPoint CEO

Bitt provides a high-frequency trading platform, and an independent multi-signature HD wallet system, which maintains 95% of customer Bitcoin offline.

“With a team of financial experts, IT network security engineers, cryptographers, and software developers from around the world, as well as banking facilities and asset liquidity spanning many major international fiat currencies, Bitt is poised to become the leading digital currency exchange in the Caribbean region,”
— – Oliver Gale, Bitt’s CFO