Former Overstock.com executive to oversee Bitt’s expansion in Caribbean and beyond

SALT LAKE CITY, July 17, 2018 (GLOBE NEWSWIRE) -- Medici Ventures ’ blockchain portfolio company Bitt announces the appointment of former Overstock.com executive Brian Popelka as Bitt president. Bitt is a Barbados-based FinTech company developing a digital currency ecosystem in the Caribbean using blockchain and distributed ledger technology. The company’s goal is to revolutionize the traditional banking industry by empowering the Caribbean’s unbanked residents through secure and decentralized banking and payment options.

“Bitt is one of the first companies bringing the power of the blockchain to daily life, and I’m honored to now have a hand in shaping the future of frictionless banking at one of the most mature blockchain-meets-banking companies in the world,” said Popelka. “Our digital payment products provide an alternative to complex banking systems with high barriers of entry by allowing people to store money on the secure and decentralized blockchain while still having easy access to that money for use in everyday transactions.”

As president, Popelka will focus on continuing to grow adoption of Bitt’s digital wallet technology in the region while pursuing opportunities for integration with central banking systems in the Caribbean and beyond. The company has already signed memorandums of understanding (MOU) with several Caribbean nations to integrate its technology with central and commercial banks within those countries. Bitt’s mMoney digital payment technology launched in Barbados in 2017.

“I’ve spent many years in the trenches with Brian. There is no one better suited than he to shepherd Bitt through this upcoming period of growth and expansion while staying true to the core values of the company – helping unbanked people join the global economy,” said Patrick M. Byrne, CEO and founder of Medici Ventures’ parent company, Overstock.com. “The eyes of the world will continue to watch the Caribbean as it leads the way in using trust through technology to decentralize cross-border banking and commerce with Bitt at the forefront.”

Popelka was one of the earliest employees at Overstock.com and has held executive roles for the online furniture and home goods leader for more than twelve years. He will bring experience in digital startup growth and infrastructural expansion to Bitt as it continues its work on building a full tech stack for banking that connects central banks to commercial banks to consumer’s digital wallets.

“Brian’s involvement in growing Overstock from a small dot com startup in Utah to a global leader in online retail will have an immense impact on Bitt as we make that same evolution within the global banking market,” said Bitt CEO Rawdon Adams. “We are grateful that he has joined our team and are excited to move forward under his leadership as we continue to develop a solution that allows the millions of unbanked and underbanked people across the world to become true citizens of the global economy.”

About Bitt: Bitt is a Barbados-based financial technology company that utilizes blockchain and distributed ledger technology to facilitate secure peer-to-peer transactions with seamless mobile money across a suite of Bitt's Software and Mobile Applications. The company was founded in 2013 To financially empower everyone and provide infrastructure to support a digital financial ecosystem throughout the Caribbean, that will stimulate economic growth and financial access for this and future generations. Bitt’s mMoney digital payment product was launched in Barbados in 2017.

About Medici Ventures: Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc., 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, Voatz, Bitsy, SettleMint, Factom, and IdentityMind, Spera and Symbiont. The company’s majority-owned financial technology company, tZERO, executed the world’s first blockchain-based stock offering in December 2016.

About Overstock.com

Overstock.com, Inc . Common Shares (NASDAQ: OSTK ) / Series A Preferred (Medici Ventures’ tZERO platform:OSTKP) / Series B Preferred (OTCQX:OSTBP) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture , décor , rugs , bedding , and home improvement . In addition to home goods, Overstock.com offers a variety of products including jewelry, electronics, apparel, and more, as well as a marketplace providing customers access to hundreds of thousands of products from third-party sellers. Additional stores include Pet Adoptions and Worldstock.com dedicated to selling artisan-crafted products from around the world. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock regularly posts information about the company and other related matters under Investor Relations on its website, http://www.overstock.com .

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 December 30, 2017, which was filed with the SEC on March 15, 2018, and any subsequent filings with the SEC.

Media Contact: pr@mediciventures.com