EMBRACING DIGITAL CURRENCY

RF Holdings partners with Bitt

Through a partnership with financial technology company, Bitt, RF Holdings is moving to facilitate the acceptance of digital currency transactions across the Caribbean network.

With interest in digital currencies increasing throughout the region, the partnership is focused on developing a platform based on Bitt’s digital currency infrastructure that will allow for digital currencies, such as The Bahamas ‘Sand Dollar’, ‘mMoney’ in Barbados, and the Eastern Caribbean Central Bank’s ‘DCash’, to be accepted and accessed across the investment bank’s products by a wider network of Caribbean clients. The immediate target for the platform is facilitating transactions based on available digital currencies in The Bahamas and Barbados. The platform’s services will eventually be offered to the rest of the Caribbean.

Michael Anderson, President of RF Holdings, a Bahamian-based parent company to a group of investment banks there, in Barbados and the Cayman Islands, stated that digital currencies have been gaining popularity internationally and in the Caribbean region.

“At RF, we believe in embracing new technologies and trends to serve our clients in the most effective ways.

We look forward to creating, in collaboration with Bitt, a convenient solution for our clients who previously couldn’t access our investment vehicles to easily do business with us.”

Bitt provides digital currency management systems (DCMS) to central banks, commercial banks and credit unions, merchants and consumers, to enable them to participate in fully digital transactions amid the post-COVID-19 economy.

Bitt’s CEO, Brian Popelka, commented: “Since our 2016 launch of the synthetic digital currency in Barbados, Bitt has been working towards the creation of an intra-regional cross-border settlement solution to unlock trade, investment, and remittance flows within the Caribbean. We are thrilled to be working with RF Holdings to leverage Bitt Digital Currency Management Systems in creating a solution that will boost RF’s product offering and usher in a transformational way of conducting business within the region.”

Both The Bahamas and Barbados have seen an increased focus on digital currencies from the legislative level with the Central Bank of The Bahamas introducing the ‘Sand Dollar’ – the official digital version of the Bahamian dollar last year.

In its outline, RF said this platform will be used to not only assist in providing added convenience to clients of the investment bank, but also create a more efficient business model and will be able to facilitate payments from and between institutions such as banks, individual consumers and merchants.

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