PR98458

SALT LAKE CITY, Oct. 25, 2022 /PRNewswire=KYODO JBN/ --

Bitt joins the Central Bank of Nigeria (CBN) in celebrating the one-year

anniversary of the eNaira. Since its launch on 25 October 2021, citizens and

residents of Nigeria were the first on the continent of Africa to be able to

use a legal tender digital currency for their daily financial transactions.

Photo - https://mma.prnewswire.com/media/1928486/1.jpg

Bitt and the CBN continue to work diligently to roll-out eNaira updates in

adherence with the CBN's published roadmap. The implementation plan identifies

three phases. The project roll-out is currently in phase two. In addition to

onboarding banked customers and merchants, and integrating and optimizing core

banking systems to facilitate transactions throughout the existing eNaira

ecosystem, other major achievements include:

   -- Unbanked customer onboarding and transactions via USSD

   -- Integrations with the National Payment Service for QR functionality and

      wholesale funds transfer (RTGS)

   -- Onboarding of IMTOs and integration of DCMS to exchange Naira

   -- Multi-lingual support for mobile applications and USSD

   -- SMS Integration with CBN's SMS gateway service

   -- Security hardening

The next phases will include:

   -- Onboarding of Nigerian Trade and Exchange platform

   -- Sector-specific tokens for grants and subsidies

   -- Programmable payments for eNaira payment scenarios

Brian Popelka, CEO, Bitt states "This year has been full of firsts for Africa.

Being the first provides the opportunity to become the first to find solutions

and to chart the course for others to follow. Today's one-year milestone is an

exceptional achievement for both the Central Bank of Nigeria and Bitt teams. We

look forward to continued partnership on this CBDC deployment journey and to

provide additional features to expand eNaira's value to all Nigerians and

everyone, everywhere."

Bitt has ensured that Nigerians play a pivotal role in this project by

expanding its global team to include Nigerian engineers, product managers and

executives. Imran Khan, EVP, Partnerships, states, "Utilizing local talent

cements our commitment to Nigeria and to the entire African continent as we

endeavor to lower infrastructure cost and improve the access and

user-experience of receiving and sending money, thereby promoting financial

inclusion throughout Africa."

About Bitt

Bitt ( https://www.bitt.com/  ) is a financial technology company that provides

digital currency solutions to central banks, financial institutions, and

ecosystem participants worldwide. Bitt's Digital Currency Management System

(DCMS) provides the secure infrastructure for monetary authorities to deploy

CBDCs, and for financial institutions to integrate digital currencies into

their financial service offerings. Bitt is a portfolio company of Medici

Ventures, L.P., a blockchain-focused fund. The general partner of that fund is

an entity affiliated with Pelion Venture Partners. Overstock.com, Inc. (NASDAQ:

OSTK) is a limited partner of Medici Ventures, L.P.

About Overstock.com

Overstock.com, Inc. ( https://www.overstock.com/  ) (NASDAQ: OSTK) is an online

retailer and technology company based in Salt Lake City, Utah. Its leading

e-commerce website sells a broad range of new home products at low prices,

including furniture, decor, area rugs, bedding and bath, home improvement, and

more. The online shopping features millions of products that tens of millions

of customers visit each month. Overstock regularly posts information about the

Company and other related matters on the Newsroom and Investor Relations pages

on its website, Overstock.com.

O, Overstock.com, O.com, and Club O are registered trademarks of Overstock.com,

Inc. Other service marks, trademarks and trade names which may be referred to

herein are the property of their respective owners.

About Pelion

Pelion Venture Partners ( https://pelionvp.com/  ) is an early-stage venture

capital firm. Currently investing out of their seventh fund, Pelion invests in

Seed and Series A software companies across the United States. Notable

investments include: Cloudflare (NYSE: NET), Riverbed, Divvy (acquired by

Bill.com), and Weave (NYSE: WEAV).

Chris Burnett

Marketing Manager

E-mail: pr@bitt.com

Website: www.bitt.com　

SOURCE: Bitt