Bitt, the Bar­ba­dos-based dig­i­tal as­set ex­change, re­mit­tance chan­nel, and mer­chant-pro­cess­ing gate­way, was of­fi­cial­ly launched on Mon­day.

Found­ed in 2013 by Gabriel Abed and Oliv­er Gale, the com­pa­ny 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.

Pri­or to the of­fi­cial launch, Bitt closed its land­mark US$1.5 mil­lion seed round from Avatar Cap­i­tal, a Caribbean in­vest­ment group based in T&T. 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."

Pow­ered by Al­pha­Point's state-of-the-art tech­nol­o­gy, de­signed by vet­er­an Wall Street traders, Bitt's trad­ing plat­form is a 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."

"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.

"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.