Medici Ventures Portfolio Company Bitt Hires Rawdon Adams as CEO
September 29 2017 - 8:00AM
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.
Media Contact:pr@mediciventures.com
Investor Contact:ir@overstock.com
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