The Bitcoin has from the start been seen as a currency or payment method, which could bring people around the world an easy way to transfer funds, pay or shop online without all the hassle that currencies can bring in exchange fees and such.
Now a new market sees a Bitcoin exchange open up to them, as Bitt has launched in the Caribbean market after raising $1.5 million in funding from the local VC group Avatar Capital. Bitt has signed an agreement with AlphaPoint who will provide the platform and technology behind Bitt, ensuring that the company can perform from day one.
Security wise the company has also taken the necessary precautions, having integrated state-of-the-art security to secure all customer funds and coins. One of the most notable things is the multi-signature login along with the fact that a massive 95% of all Bitcoins will be stored in cold-storage, meaning that they will not be held online.
By doing so they will not be that vulnerable in case of a hacker attack and customers will not have to fear losing their Bitcoins or funds. Security is one of the most important aspects of Bitcoin exchanges today, with customers willing to pay higher trading fees in return for a safe place to trade.
"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.” Chief Executive Officer at Bitt, Gabriel Abed said in a press release.