Overstock's Medici Ventures gains controlling stake in digital currency firm Bitt with $8M equity buy

Bitt, a blockchain tech startup focused on central bank digital currency applications, has sold another $8 million in equity to Medici Ventures, a subsidiary of e-commerce company Overstock.

The deal, announced Wednesday, gives Overstock a controlling stake in the company. Prior to the latest equity purchase, Medici had invested about $7 million across two earlier equity deals. 

"With a controlling interest in Bitt, Medici Ventures is able to provide further support in the company’s mission of accelerating the adoption of central bank digital currencies. Bitt’s presence will remain in Barbados and its president, Brian Popelka, will assume the role of Chief Executive Officer," Medici said in a statement.

Bitt was featured in The Block's recent report on central bank digital currencies as one of a number of companies working on CBDC issues. The firm inked a pilot deal with the Eastern Caribbean Central Bank in February 2019.