SALT LAKE CITY, Sept. 29, 2017 (GLOBE NEWSWIRE) -- Medici Ventures, Inc., the blockchain-focused subsidiary of retail technology leader Overstock.com, Inc. (NASDAQ:OSTK), today announced its portfolio company Bitt Inc. has hired Rawdon Adams as Chief Executive Officer.
“We invested in Bitt because of its vision of creating revolutionary blockchain-based solutions for central banks and products that bring millions into the global financial system,” said Jonathan Johnson, president of Medici Ventures and member of the Bitt board of directors. “Rawdon is the perfect leader to grow and scale Bitt to the next level and bring to fruition Bitt’s initial vision in the Caribbean.”
Adams is the son of Barbados’ second prime minister, the Right Honorable Tom Adams, and the grandson of Sir Grantley Adams, the sole prime minister of the West Indies Federation. Adams is also an accomplished finance professional with over 24 years of Fortune 500 and start-up experience. Most recently, Adams founded ArbMaker, a French-based financial software firm. There he led product development of the firm's relative-value range of financial software products.
“Bitt Founders Gabriel Abed and Oliver Gale have turned a dream into reality. They have done a tremendous job founding and growing Bitt to a crucial juncture,” said Ali El Husseini, Vice President of Global at Overstock and Bitt board member. “We are thrilled to have Rawdon take the helm to lead the company into its next phase of growth and commercialization, which aims to have a positive impact on the lives of millions in the Caribbean and beyond.”
Bitt is a Barbados-based FinTech company that uses cutting-edge distributed ledger technology (DLT) to bring digital currencies to the Caribbean. Bitt’s goal is to revolutionize the traditional banking industry by empowering the Caribbean’s unbanked people with payment options to become true, global citizens.
Medici Ventures is a leader in advancing blockchain technology and parent company of t0.com (tee-zero), which recently aided Overstock.com in completing the world’s first blockchain-based stock offering on its proprietary platform.
About Medici Ventures:
Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures’ t0 platform:OSTKP) / Series B Preferred (OTCQB:OSTBP), created to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions. Medici Ventures has a growing portfolio of groundbreaking blockchain-focused investments, including tZERO, Peernova, Bitt, SettleMint, Factom, IdentityMind, Ripio, Spera and Symbiont. The company’s majority-owned financial technology company, tZERO, executed the world’s first blockchain-based stock offering in December 2016.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-K for the quarter ended June 30, 2017, which was filed with the SEC on August 3, 2017, and any subsequent filings with the SEC.