Overstock Spent Over $3 Million on Blockchain Projects in Q3
Overstock spent $3.2m on its blockchain securities initiative over the past three months, according to the online retail firm's latest quarterly results. The report, published yesterday, shows that the firm may spend as much as $8m developing Medici, its subsidiary created for its exploration into the technology, of which blockchain trading platform tØ is one effort. In a letter to shareholders, CEO Patrick Byrne said that those expenditures could be higher when accounting for various cost factors. He wrote: "The direct costs of our Medici efforts this year will be in the neighborhood of....
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Online retailer Overstock.com spent $8m last year on its blockchain-backed securities trading initiative. In a statement to investors, CEO Patrick Byrne wrote that the firm spent $6m more than originally anticipated on its blockchain research. The firm said in November that it spent $3.2m during the third quarter on the initiative. The disclosure came with the firm's Q4 2015 results, which were published yesterday after markets closed. Byrne wrote: “OLabs (our growth and innovation group) contributed what we planned with one exception: though I began 2015 intending to spend $2 million....
Bitcoin supporter Overstock.com, led by long-time Bitcoin supporter CEO Patrick Byrne, are projecting three million US Dollars in overall sales for merchandise purchased with Bitcoin for 2014. The amount is a marked drop from the fast start projections Overstock claimed early on, based on the initial flurry of Bitcoin activity the once-largest Bitcoin merchant experienced early on. Overstock Initial Forecast Was Over $10M for 2014. Overstock has spent almost the entire year accepting Bitcoin, taking their first orders on January 9th, netting almost 800 orders and over $100k in revenue from....
The news that Overstock.com today flipped the switch on taking bitcoin payments certainly took many of us by surprise, but the preliminary sales figures may surprise you even more. A patio set sold on Overstock.com and paid for in bitcoin. Source: Overstock. It's been a couple of hours since Overstock has had the option available, and already the retailer has sole a whopping $10,000 worth of items in bitcoin in that timespan. That amount comes from about 100 different purchasers, one of whom spent $2,700 on a 13-piece patio set. Overstock.com CEO Patrick Byrne told Business Insider that....
It has been less than two months since e-commerce giant Overstock.com began accepting bitcoin payments on their website, and the online retailer has already surpassed $1m in total sales. Overstock's CEO Patrick Byrne confirmed the company's plans to embrace bitcoin back in December, and bitcoin payment processing officially went live on Overstock.com on 9th January. Byrne spoke with CoinDesk about its $1m milestone, asserting that while the initial surge of bitcoin sales did subside, there has since been steady growth in bitcoin payments: "In the first day there was an enormous surge of....
San Jose-based distributed financial technologies expert Peernova has received $5 million in funding from American online retail giant Overstock.com. This is the first investment by the online giant in a Bitcoin firm reinforcing the confidence in the decentralized blockchain technologies that Peernova is working on. General Manager of Overstock's Cryptocurrencies Group Judd Bagley has given Peernova his vote of confidence and believes that the technologies being developed by the blockchain expert will completely reform the way businesses are carried out. "Peernova is precisely the kind of....