Overstock’s Venture Department Buys Stake In Blockchain Startup
Medici Ventures, the blockchain division of the American marketplace Overstock, acquired a stake in a fintech-startup called Bankorus. This was reported in the company’s press release.
The Medici Ventures firm became the owner of a 5.1% stake in Bankorus. The startup offers a banking platform based on distributed ledger technology. With its help, private and institutional customers can trade, store or lend virtual assets.
Jonathan Johnson, the President of Medici Ventures, said that adding the Bankorus shares to the company's portfolio is another step towards creating a blockchain foundation for society. He called the startup’s technology revolutionary, as it pursues the same tasks as his firm — to eliminate intermediaries and rehumanize the commerce, allowing customers to manage their digital assets on their own.
The venture company Medici Ventures, founded in 2014, is wholly controlled by the online giant Overstock. Its portfolio includes 20 startups from all over the world, developing blockchains or other financial technologies, and also a platform for the security tokens tZERO.
On its part, Medici Ventures is looking for opportunities to use blockchain in such areas as capital markets, banking, documentation, property, voting, and supply chains.
At the beginning of the year, the parent company Overstock announced its decision to pay a part of its taxes with bitcoins in 2019. Currently, this is possible only in the state of Ohio, which approved such a cryptocurrency initiative.
Previously, Overstock suggested introducing blockchain in government agencies to fight corruption.