The Barbados-based digital currency company, Bitt Inc. and the professional services firm, PricewaterhouseCoopers (PwC) announced that they have executed a memorandum of understanding (MOU) whereby the two entities while remaining independent, will work together to deepen the use of blockchain technology across the Caribbean.
Commercial banks, central banks and other institutions seeking to pilot Bitt’s software will benefit from access to PwC’s global financial technology expertise in blockchain research, knowledge, market strategy, operational readiness, and technology services.
Oliver Jordan, PwC Partner and lead for Advisory services in the East Caribbean, said:
“We at PwC see enormous potential for blockchain in financial services to which end we developed the strategic and implementation capabilities necessary to help financial institutions, technology companies, and startups take advantage of this transformative technology. We have agreed to work alongside Bitt on future institutional blockchain technology implementations by, for example, central banks, commercial banks and government institutions throughout the region because not only does blockchain offer the promise of cost reduction and efficiency, but it could also enable revenue growth and higher-quality service. Across the PwC Global network, we have already seen enormous potential for blockchain to deliver substantial value to financial services – and we intend to continue to lead the way across the financial services landscape in the Caribbean.”
Globally, PwC offers ‘Blockchain Services’ and has developed strategic and implementation capabilities necessary to help financial institutions, technology companies, and startups take advantage of distributed ledger technology.
The Bitt Wallet is the sole consumer access point to the entire Bitt ecosystem. It allows users to send and receive money globally, and process transactions from the convenience of their mobile device or computer. The firm provides merchant payment processing for accepting bitcoin and other cryptocurrencies as well as an exchange allowing users to convert assets between different currencies, carrying multiple international and Caribbean currencies paired to bitcoin.
Simon Chantry, Chief Operating Officer (COO) of Bitt said:
“Bitt is therefore delighted to be working alongside PwC on our blockchain digital currency initiatives. Central bank issued digital fiat currency using distributed ledger and blockchain technology is a way for governments to protect foreign currency reserves, reduce costs, improve the ease of doing business and a number of other benefits that can help stimulate economic growth. We have laid the groundwork for rolling out a blockchain based digital payments system and are committed to providing this technology to usher in a digital currency transformation and the many benefits it will bring to our economies.”