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Bitt, a portfolio firm of Overstock’s blockchain firm Medici, has partnered with the Eastern Caribbean Central Bank (ECCB) to pilot central bank digital currency (CBDC). Overstock announced the news in a press release on March 6.
Barbados-based Bitt initially signed a contract with ECCB to conduct a pilot of the blockchain-issued Digital Eastern Caribbean Dollar (DXCD) on Feb. 21. The digital currency will be used within the Eastern Caribbean Currency Union (ECCU), and is set to be distributed by licensed financial institutions and non-bank financial institutions in the ECCU.
DXCD intends to facilitate peer-to-peer (P2P) transactions between merchants and consumers through smart devices, enabling transfers across the ECCU. The blockchain pilot aims to promote greater stability in the financial sector,
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