Overtsock has invested 4 million into Barbados startup Bitt who earlier this year release a digital currency version of the Barbados dollar.
Bitt uses the colored coin protocol which allows other assets to be stored on the blockchain and uses a tiny amount of bitcoin to fuel the blockchain transaction. This is similar to how Overstocks T0 platform works when recording its stock on the blockchain.
The company plans to use a portion of the funds to satisfy its regulatory requirements and is currently focusing on producing ATM's for its currency.
Story by dinbits
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