SALT LAKE CITY — July. 17, 2018 –Medici Ventures blockchain portfolio company Bitt announces the appointment of former Overstock.com executive Brian Popelka as Bitt president. Bitt is a Barbados-based FinTech company developing a digital currency ecosystem in the Caribbean using blockchain and distributed ledger technology. The company’s goal is to revolutionize the traditional banking industry by empowering the Caribbean’s unbanked residents through secure and decentralized banking and payment options.
“Bitt is one of the first companies bringing the power of the blockchain to daily life, and I’m honored to now have a hand in shaping the future of frictionless banking at one of the most mature blockchain-meets-banking companies in the world,” said Popelka. “Our digital payment products provide an alternative to complex banking systems with high barriers of entry by allowing people to store money on the secure and decentralized blockchain while still having easy access to that money for use in everyday transactions.”
As president, Popelka will focus on continuing to grow adoption of Bitt’s digital wallet technology in the region while pursuing opportunities for integration with central banking systems in the Caribbean and beyond. The company has already signed memorandums of understanding (MOU) with several Caribbean nations to integrate its technology with central and commercial banks within those countries. Bitt’s mMoney digital payment technology launched in Barbados in 2017.
“I’ve spent many years in the trenches with Brian. There is no one better suited than he to shepherd Bitt through this upcoming period of growth and expansion while staying true to the core values of the company – helping unbanked people join the
global economy,” said Patrick M. Byrne, CEO and founder of Medici Ventures’ parent company, Overstock.com. “The eyes of the world will continue to watch the Caribbean as it leads the way in using trust through technology to decentralize cross-border banking and commerce with Bitt at the forefront.”
Popelka was one of the earliest employees at Overstock.com and has held executive roles for the online furniture and home goods leader for more than twelve years. He will bring experience in digital startup growth and infrastructural expansion to Bitt as it continues its work on building a full tech stack for banking that connects central banks to commercial banks to consumer’s digital wallets.
“Brian’s involvement in growing Overstock from a small dot com startup in Utah to a global leader in online retail will have an immense impact on Bitt as we make that same evolution within the global banking market,” said Bitt CEO Rawdon Adams. “We are grateful that he has joined our team and are excited to move forward under his leadership as we continue to develop a solution that allows the millions of unbanked and underbanked people across the world to become true citizens of the global economy.”