Bridgetown, March 30, 2015 (GLOBE NEWSWIRE) — Founded in 2013 by Gabriel Abed and Oliver Gale, Bitt is a digital asset exchange, remittance channel, and merchant-processing gateway based in Barbados. Bitt, Inc. has partnered with Avatar Capital to expand operations in the growing cryptocurrency industry. This latest partnership has firmly established Bitt as the frontrunner in the Caribbean’s burgeoning cryptocurrency ecosystem.
Powered by AlphaPoint’s state-of-the-art technology designed by veteran Wall Street traders, Bitt’s trading platform is a highly powerful, user-friendly exchange that allows clients to trade securely and seamlessly. 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. “By connecting their platform to global exchanges, Bitt can offer Caribbean residents competitive exchange rates and deep liquidity from around the world.”
Bitt closed its landmark $1.5 million seed round from Avatar Capital, a Caribbean investment group based in Trinidad and Tobago. This initial capital investment will allow Bitt to continue to develop and expand its core services.
“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.”
Serving the Underbanked
“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. Abed was recently recognized by Wall Street Journal as ‘Mr. Bitt.’ In Paul Vigna’s recently released book, “The Age of Cryptocurrency,” Abed is quoted as viewing “digital currency’s low transaction fees as a quantum leap for small Caribbean nations that currently maintain their own currencies.”
Emphasis on Security and Performance
Bitt provides a high-frequency trading platform, which boasts military-grade security. With an independent multi-signature HD wallet system, which maintains 95% of customer Bitcoin offline, Bitt users can buy and sell cryptocurrency with peace of mind, knowing their assets are secure.
“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,” said Oliver Gale, Bitt’s CFO.