Barbados the Caribbean country has been on the media scope for a while, the nation experienced a surge of media coverage regarding the adoption of Blockchain technology, along with FinTech innovations, Bitt the Barbados-based FinTech firm secured several million dollars in investments, the company’s dream is to allow the local Caribbean nations adopt Digital National Currencies. Barbados is a country located in the Caribbean sea, surrounded by many nation-islands, the main income source is tourism, however, the country is looking to diversify its economy, Barbados has held the ambition of becoming the business center of the region, with this is mind government officials have been implementing changes in domestic laws to incentivise innovation in the financial sector.
The country’s Minister of Finance and the Central Bank of Barbados are well aware of the surge of FinTech companies, Granted that these firms offer innovations in areas that traditional financial corporations are just beginning to grasp. Barbados has enacted several laws designed to offer new opportunities and to provide regulation of emerging financial startups.
Barbados’s flourishment of FinTech firms is exemplified by the inception and success of Bitt , a Blockchain-based company, Bitt is many things ranging from a trading platform for Bitcoin to a wallet provider for users and merchants.
Bitt comprises the blockchain ecosystem with a FinTech twist to it, they offer the ability to trade Bitcoin for local currency and vice-versa, they provide merchants the possibility to accept digital payments with lower transaction fees compared to traditional payment processors, they seek to serve the underbanked population and to diminish the barrier fees associated with foreign exchange transactions. High frictional fees from banks and other money services operations, make sending money in and out of the region cumbersome and costly. Small businesses find it too financially prohibitive to offer online payment options […]
