Online Retailer Overstock Spent $8 Million on Blockchain Projects in 2015
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....
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Overstock CEO Patrick Byrne announced today that he will take a medical leave of absence from the online retail giant. Revealed in a letter to shareholders, the move comes as the online retailer moves ahead with plans to launch a blockchain-powered securities exchange, dubbed tØ. Overstock has spent millions on that initiative, and the firm recently indicated its intention to issue its own stock on the platform in the future. Byrne himself has become a noteworthy advocate for the emerging technology since the online retailer first started taking bitcoin payments in 2014. Byrne said in the....
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....
In late January, electronics retailer TigerDirect began accepting bitcoin payments, becoming the second large-scale retailer to do so following Overstock.com. A day later, we learned that the store had reeled in a whopping $250,000 worth of sales paid for in the digital currency, breaking that which Overstock brought in. Today, bitcoin news website CoinDesk is reporting that the online retailer has broke the $1 million mark as of the 13th of March - nearly 50 days after first beginning to accept it. On the 4th of March, Overstock.com announced they passed the $1 million marker, and....
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....
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....