Reading Time: 2 minutes(Last Updated On: June 11, 2019)
Caribbean Bitcoin Exchange Bitt announces its closure 1

The Caribbean/Barbados based Bitcoin exchange and wallet provider, Bitt has broken the news of the closure of its Bitt Exchange service via email.

Bitt notes that it will cease all operations of the Bitt Exchange and wallets at 4:00 pm on August 29th, 2019.

The Bitt Customer email
initial email of the bit closure
screenshot of the clarification email
followup email for clarification

The company notes there will no longer be any buying or selling of bitcoin after that date via Bitt exchange and customers should, therefore, close their accounts before that date.

Bitt’s website has already ceased accepting new signups in connection to its Exchange as it goes ahead with the closure.

Caribbean Bitcoin Exchange Bitt announces its closure 2
the Bitt exchange landing page

Founded back in 2013 by founders Gabriel Abed and Oliver Gale, Bitt is focused “on establishing a digital monetary ecosystem, including solutions for Central Banks, governments, licensed financial institutions, and retail segments.”

Bitt’s initial email provided no reasoning for its closure but one comes to the conclusion that demand, regulation and profitability played a large role in the closure.

They however Clarified via twitter that the closure is largely in part to its focus on blockchain-based Central Bank Digital Currencies and mMoney.

Evolving beyond a Bitcoin Exchange and wallet provider, The company will continue to provide:

  • Central Bank Solutions
  • license Financial Institution solutions
  • mMoney Wallet / Mobile Money Wallet Services
  • mMoney Merchant/ Mobile Money Merchant Services

So while the closure will truly be a event for Caribbean bitcoin users and traders, Bitt will continue on its journey to fostering a better Caribbean monetary experience going far into the future.

Alternatives? Bitt failed to note alternatives to its exchange but i am sure hope there are a few…

What are your thoughts on the closure of BITT’s Exchange? Know any alternatives to the Bitt Exchange and Wallet? Share them in the comment below and don’t forget to follow us on twitter for more updates just like this.

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