Caribbean digital currency exchange Bitt has launched today, having secured $1.5m seed funding from local VC group Avatar Capital.

The exchange, based in Barbados, is powered by AlphaPoint, an exchange technology platform provider that also offers its solutions to Bitfinex and Cointrader.

Also a remittance channel and merchant processing gateway, Bitt claims to have implemented “military grade security”, with a multi-signature HD wallet system keeping 95% of customers’ bitcoin offline.

Gabriel Abed, Bitt CEO, said:

“The Bitt exchange is a cornerstone project for digital finance in the Caribbean. By facilitating trade between traditional and digital currency markets, Bitt is creating the platform for very low-cost international commerce and remittance between the people who need it most – the millions of unbanked and underbanked citizens in the Caribbean.”

Consumers will be able to trade in 11 major fiat currencies, including the US dollar, the pound and the euro.