BITT winds down its exchange service

Bitcoin’s brief life as a digital currency here is headed for an abrupt end as financial technology firm Bitt informs customers it is shutting down its Exchange and Wallet in two months.

Bitt customers will no longer be able to sell and buy Bitcoin via its Exchange and Wallet service come August 29. Account holders were urged to close their bitcoin accounts.

In a statement, the fintech firm advised: “After years of serving you, the Bitt Exchange will cease all operations at 4 p.m. on August 29, 2019. Since you will no longer be able to sell or buy Bitcoin via this Exchange, we ask that you close your account with us before that time and date.”

Bitt said it was closing the Exchange service to focus on its blockchain-based central bank digital currencies and Mmoney retail transaction business.

Chief Financial Officer Patrick Hidalgo told Barbados TODAY: “We had the Bitt Exchange and Wallet, we have the Mmoney Wallet, Mmoney Merchant, License Financial Institutions Solutions and Central Banks Solutions.

“So of those five we are just taking away one. That means that none of those other components of our business have anything to do with cryptocurrencies.

“We are closing it so that we can focus on blockchain-based central bank digital currencies and Mmoney.

The company said it expected to send further notifications to its customers.