The future of bitcoin is looking bright in Barbados right now. Bitt, a local fintech company, signed a memorandum of understanding with PwC. As a result, both companies will continue to explore the use of blockchain technology across the Caribbean. This also bodes well for bitcoin, as the cryptocurrency made quite an impact in the Caribbean already.
This memorandum of understanding is quite significant for the blockchain industry. PwC can now officially provide advisory services to companies. This includes advice related to advancements of Bitt services, including the use of bitcoin and other digital currencies. It is evident both companies want to be market leaders during the financial revolution of the Caribbean. Digital money and services will be quite beneficial to this region, that much is certain.
PwC And Bitt Reinforce Caribbean Partnership
It will be interesting to see what this news means for both Bitt and PwC. The demand for blockchain-based services is growing all over the world. Bitt wants to provide the Caribbean with innovative software to improve the ease of transferring money. Blockchain and bitcoin play an integral role in this regard. Moreover, the Caribbean has been introduced to convenient bitcoin wallet services. Introducing digital money is a positive development for the region, that much is certain.
PwC Partner Oliver Jordan commented on this MOU as follows:
“We have agreed to work alongside Bitt on future institutional blockchain technology implementations by, for example, central banks, commercial banks and government institutions throughout the region because not only does blockchain offer the promise of cost reduction and efficiency, but it could also enable revenue growth, and higher-quality service. Across the PwC Global network, we have already seen enormous potential for blockchain to deliver substantial value to financial services – and we intend to continue to lead the way across the financial services landscape in the Caribbean.”
Additionally, there is tremendous potential for blockchain technology in the financial services industry. Financial institutions show an increasing demand for blockchain-based solutions. However, they often lack the proper guidance to make this venture a success. Having partners such as PwC and Bitt can be invaluable in this regard. For now, the focus lies on the Caribbean, although it is not unlikely these efforts will spread to other regions as well.
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