Overstock spins its blockchain subsidiary into crypto investment fund
Overstock subsidiary Medici Ventures will cease providing all previous services pending a full conversion into a limited partnership fund. Online technology retailer Overstock is converting its blockchain investment wing into a cryptocurrency-focused investment fund as it seeks to maximize profits amid the crypto boom.Overstock.com announced on Monday that its wholly owned blockchain-focused subsidiary, Medici Ventures, will become a limited partnership fund, pending legal and regulatory approval. Medici Ventures, which previously oversaw and managed Overstock’s investments in....
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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....
Bitcoin startups are due to see a windfall in investment after multibillion-dollar Chinese investment firm Huiyin Group announced the launch of its bitcoin- and blockchain-specific subsidiary fund, Huiyin Blockchain Ventures (HBV). As stated on its website, the new subsidiary fund will partner “with innovative start-ups and entrepreneurs to help them grow and define the future of the blockchain economy”. The fund will look toward investing $20 million in bitcoin and blockchain companies over the course of 2016. HBV will be managed by James Wo, who is the son of the founder of the Huiyin....
Overstock recently completed the acquisition of SpeedRoute through its settlement platform subsidiary T0, effectively bringing blockchain technology to Wall Street. According to the SEC filing, SpeedRoute was purchased for approximately $30.3 million, consisting of approximately $11 million in cash and 900,000 shares of Overstock's common stock valued at $19.3 million. SpeedRoute was founded in 2000 and is a a brokerage firm or broker-dealer that buys and sells stocks, bonds, mutual funds, and other investment products on behalf of its customers. It has offices at 14 Wall Street and moves....
Overstock's crypto subsidiary tØ has acquired Wall Street brokerage firm SpeedRoute, a move the latter's CEO termed a 'quantum leap' for securities trading. TØ (pronounced t-zero), unveiled last month at Nasdaq's New York headquarters, is a blockchain-based equities trading platform Overstock claims could revolutionise clearing and settlement. The SpeedRoute deal, it says, marks a momentous step toward connecting the crypto and capital markets. SpeedRoute CEO Joseph Cammarata said in a release: 'This collaboration allows Overstock to enter this new financial technology arena with a speed....
E-tail giant Overstock has invested in a Belgium-based blockchain startup. The seed investment in SettleMint, the amount of which was not disclosed, was made by Medici Ventures, a venture arm of Overstock that is focused on its blockchain-based trading platform initiative. In April, Overstock invested $4m in Caribbean digital currency exchange Bitt, and the firm has stakes in other companies like PeerNova and Identity Mind as part of its crypto-exchange project. According to the e-tailer, the investment in SettleMint is aimed, in part, at shoring up the voting capabilities for its tø....