Medici Ventures, the investment arm of Overstock, has purchased an additional 8.6% stake in Barbados-based blockchain payments firm Bitt for $3m.

Established in 2015, Bitt leverages blockchain technology to build a peer-to-peer payment ecosystem.

Medici first acquired a stake in the blockchain payments outfit in 2016 by investing $4m, soon after the firm rolled out a digitised Barbadian Dollar on the bitcoin blockchain.

Bitt CEO Rawdon Adams said: “Bitt is in a unique position to provide the solutions to boost both financial inclusion and overall economic performance through its blockchain-based software.

“That’s already being recognised by regional governments overseeing economies characterised by large informal sectors, persistently high rates of poverty and expensive traditional financial services. I thank Medici Ventures for their support of our mission.”

Last month, Bitt inked a memorandum of understanding with the government of Montserrat to introduce a digital payments platform for the country.

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