Overstock.com Inc OSTK dominated headlines when it said it will not only accept bitcoin as payment for its products, but will be keeping half of all the bitcoins it receives as an investment. Overstock on Wednesday further expanded its exposure to bitcoin.
What You Need To Know
Overstock oversees a blockchain investment vehicle called Medici Ventures who owns a 34.8 percent stake in Bitt, a blockchain leader who recently launched its new mMoney digital payment product in Barbados.
Bitt's new product, a blockchain-based mobile wallet, allows its users to participate in digital transactions on a smartphone device. It also allows users to store, send, and receive digital fiat currency without having to link to a traditional financial institution.
Why It's Important
"mMoney is mobile money. It is safer, faster and smarter, which means that entrepreneurs as well as Micro, Small and Medium Enterprises (MSMEs) can benefit from the merchant solution," said Rawdon Adams, Bitt's CEO.
What's Next?
mMoney is the beginning of Bitt's plans to "create a digital money ecosystem in the Caribbean and beyond" as 38 percent of the world is unbanked.
"mMoney is designed to support increased financial inclusion," said Adams. "It gives merchants the ability to offer an innovative payment option which is, among other things, faster, more secure, more inclusive, more convenient, and more cost-effective than existing options."
Overstock's stock traded recently around $74.42, up 1 percent on the day. It was trading under $25 a share three months ago.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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