The founder of the Barbados-based financial technology firm Bitt is to be a digital currency consultant to the Bermuda Government.

David Burt, the Premier, announced the appointment of Gabriel Abed to the role yesterday.

Mr Burt added the assistance will come at no cost to taxpayers.

Mr Burt said: “Mr Abed is a digital assets and blockchain technology expert who I met earlier this year. However, I have been following his work long before then.

“Mr Abed is a recognised Caribbean authority on digital currencies, math-based protocols and blockchain technology.

“I am pleased to announce that Mr Abed has agreed to provide his advice and expertise to the Government of Bermuda on digital assets and blockchain technology.”

The Premier added: “The significance of the agreement is that Mr Abed brings his extensive knowledge to Bermuda at no cost to the tax payer.

“I am extremely grateful to have his expertise as Bermuda moves forward with our fintech strategy.”

Mr Abed also founded Digital Asset Fund, based in the British Virgin Islands.

Bitt last month got a multimillion-dollar investment from internet retailer Overstock.com.

The Government announced on Monday that it had signed a memorandum of understanding with Medici Ventures — a subsidiary of Overstock.com.

Medici Ventures promised at least 30 jobs in Bermuda over the next three years and to work with the Government and regulators to create a “robust legal and regulatory framework”.