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Caribbean Startup Bitt Secures Seed Round USD$1.5 Million in Capital Led by Avatar Capital, to Bring Digital Currency Financial Services to Emerging Markets

Bridgetown, March 30, 2015 (GLOBE NEWSWIRE) -- Founded in 2013 by Gabriel Abed and Oliver Gale, Bitt is a digital asset exchange, remittance channel, and merchant-processing gateway based in Barbados. Bitt, Inc. has partnered with Avatar Capital to expand operations in the growing cryptocurrency industry. This latest partnership has firmly established Bitt as the frontrunner in the Caribbean's burgeoning cryptocurrency ecosystem.

Launch

Powered by AlphaPoint's state-of-the-art technology designed by veteran Wall Street traders, Bitt's trading platform is a highly powerful, user-friendly exchange that allows clients to trade securely and seamlessly. Bitt facilitates international Bitcoin trading in 11 major fiat currencies, such as the US Dollar (USD), Great Britain Pound (GBP), Canadian Dollar (CAD), Euro (EUR), and Barbadian Dollar (BBD).

"We were very excited to be selected by Bitt to power their exchange and support their vision of lowering costs for payments and remittances," said Vadim Telyatnikov, CEO of AlphaPoint. "By connecting their platform to global exchanges, Bitt can offer Caribbean residents competitive exchange rates and deep liquidity from around the world."

Funding

Bitt closed its landmark $1.5 million seed round from Avatar Capital, a Caribbean investment group based in Trinidad and Tobago. This initial capital investment will allow Bitt to continue to develop and expand its core services.

"Avatar backs Bitt with full confidence," said Peter George, Director of Avatar Capital. "We are pleased to invest in the development of the cryptocurrency industry in the region. It is our hope that this investment benefits the people of the Caribbean and becomes the catalyst for digital currency trading in this part of the world."

Serving the Underbanked

"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," said Gabriel Abed, Bitt CEO. Abed was recently recognized by Wall Street Journal as 'Mr. Bitt.' In Paul Vigna's recently released book, "The Age of Cryptocurrency," Abed is quoted as viewing "digital currency's low transaction fees as a quantum leap for small Caribbean nations that currently maintain their own currencies."

Emphasis on Security and Performance

Bitt provides a high-frequency trading platform, which boasts military-grade security. With an independent multi-signature HD wallet system, which maintains 95% of customer Bitcoin offline, Bitt users can buy and sell cryptocurrency with peace of mind, knowing their assets are secure.

"With a team of financial experts, IT network security engineers, cryptographers, and software developers from around the world, as well as banking facilities and asset liquidity spanning many major international fiat currencies, Bitt is poised to become the leading digital currency exchange in the Caribbean region," said Oliver Gale, Bitt's CFO.

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About Bitt

Bitt is a Caribbean-based digital asset exchange, remittance channel, and merchant-processing gateway. With a high-frequency trading platform, rigorous security and an easy-to-use trading interface, the Bitt exchange is an ideal solution for individual or professional trading.

Bitt's core focus is on providing the highest levels of access, safety, customer service, transparency and accountability, visit www.bitt.com.

About AlphaPoint

AlphaPoint (est. in 2013) is the leading exchange technology platform provider to support digital currencies. The company powers some of the top bitcoin and alt-coin exchanges in the world, and is faster than traditional exchanges with the ability to process nearly one million transactions per second. By easing the adoption of digital currencies, AlphaPoint's secure, scalable, and customizable platform is helping change how businesses and consumers transact. AlphaPoint has offices in New York City, Philadelphia, and San Francisco. For more information, visit www.alphapoint.com.

CONTACT: For Bitt Anton Nicholls anton@bitt.com For AlphaPoint Michael Haley press@alphapoint.com 212-256-1231 x112

Source:AlphaPoint