Bitt, a local fintech company, has joined forces with multinational consultancy firm PwC to boost the use of blockchain technology in the Caribbean. According to the Memorandum of Understanding signed between the two entities, PwC will advise on cryptocurrency services in the region of Barbados.
The initiative follows up on Bitt’s ambition to provide the Caribbean with innovative software that will facilitate monetary transactions.The region is already a leader in offering flexible bitcoin wallet services.
PwC Partner Oliver Jordan revealed details around the partnership. He said that the two companies would work side by side on “future institutional blockchain technology implementations” which involve central and commercial banks as well as government institutions. He further added that the PwC Global network had already tapped into the potential of the blockchain to increase value on financial services, and they would continue to exploit the niche.
In the current financial environment, there is growing demand for blockchain-based solutions. Hence, it is possible that PwC and Bitt’s pilot initiative might also cover other regions in the future.