Overstock Turns Medici Ventures Into a Fund to Reap Value of Blockchain Assets
“We remain bullish on blockchain technology but are changing the way we interact with these asset," said CEO Jonathan Johnson.
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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....
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....
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....
Overstock has confirmed that Counterparty co-founders and developers Robby Dermody and Evan Wagner are no longer working on its decentralized stock market project Medici. The announcements come amid a shift in priorities for the high-profile crypto 2.0 project, first announced in October. At the time, Overstock indicated that it had hired Dermody and Wagner after vetting developers of notable 2.0 projects. Overstock director of communications Judd Bagley indicated that the move coincides with a shift in Medici's development that will help the company build on a wider variety of protocols....
Medici Ventures has completed a third equity purchase in Barbados-based Bitt, bringing it a controlling interest in the blockchain firm.