Blockchain Project Sees $3 Million Spend from Overstock
E-commerce retailer Overstock revealed its latest quarterly results to show a spend of $3.2 million on Medici, its blockchain-related subsidiary in a quarter that showed 11% revenue growth with a net loss of $2.1 million. Online retail firm Overstock revealed its latest quarterly earnings in a letter to shareholders and had CEO Patrick Byrne talking up the company's blockchain-related investments in the letter. Overstock also revealed it is expected to spend around $8 million in direct costs towards Medici, its subsidiary functioning as a blockchain stock exchange. One of its recent....
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E-commerce giant Overstock.com has become the first company to offer qualified buyers the option of purchasing corporate bonds that will trade using Bitcoin's blockchain protocol. In a speech last year at Inside Bitcoins Las Vegas, Overstock CEO Patrick Byrne announced a special partnership with Counterparty that led to the creation of a project known as Medici. The Medici project was designed to create a decentralized stock exchange within the Counterparty platform. Thus, the Medici project itself is based on blockchain technology. The bonds will be sold privately and will sell for a....
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.com has launched its new Spend Bitcoin section, a one-stop-shop where users can spend bitcoin on over 2,500,000 products from reputable merchants across the globe, including Newegg, Overstock and Rakuten. Most people think of Bitcoin as an alternative way to pay online, and for the most part, that statement is true. Even though there are....
US retail giant Overstock has sold a $5m "cryptobond" to FNY Managed Accounts, a New York-based trading firm. The sale is part of a proof of concept from the Utah-based e-tailer showcasing how financial instruments can be digitized and traded on cryptographic distributed ledgers such as the bitcoin blockchain. Overstock first began accepting bitcoin in January 2014 and has since been one of the ecosystem's most active public advocates. The project was first announced in April and later detailed further in June. At the time, the company announced that CEO Patrick Byrne had purchased a....
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....