Bitt, a Barbados-based blockchain payment startup, has announced a $3 million investment from Overstock's venture capital subsidiary, Medici Ventures.

As part of the new deal, Medici Ventures has agreed to buy additional 8.6 percent stake in Bitt, following a previous $4 million invested by the blockchain VC firm in 2016.

In a release published today, Bitt said the new fund will help further develop its payments solutions, aimed at bringing financial inclusion for residents in the Caribbean region.

"These are very large issues in developing countries and success in Barbados will effectively signal to others in the region that persistent issues related to, for example poverty and large informal sectors, can be tackled to the benefit of economic development," said Rawdon Adams, Bitt's CEO.

To achieve its goals, Adams said the new funding will be spent on advancing its new mMoney digital wallet and central bank digital currency solutions, as well as hiring more developers to support product growth.

As previously reported by CoinDesk, Bitt launched a blockchain-based version of the Barbadian dollar in early 2016 that aimed to serve underbanked residents.

Adams added that, in the move towards commercialization of its central bank solutions, the firms is eyeing further pilot projects in collaboration with central banks in the Caribbean.

Dollars image via Shutterstock