Crypto online retailer Overstock will be staking full-blown on blockchain technology by February next year. Partick Bryne, the founder of the online digital asset retailer is certain beyond any doubt about the kind of potential blockchain technology brings to the table.
He has shown a positive attitude towards this belief by planning to sell his stake in Overstock’s retail wing in a bid to explore the crypto retailer’s blockchain venture division, known as Medici Ventures.
Partick Bryne Will Bet Big on Blockchain Technology
Despite the fact that the 2018 cryptocurrency bear market has seriously taken a toll on Overstock.com, Byrne, still remains bullish on the blockchain technology which underpines digital assets. Byrne, and his firm Overstock, have been tied to the crypto space and blockchain technology all along. In fact the crypto retailer was actually one of the first names to accept the world’s largest cryptocurrency by market cap, Bitcoin (BTC) four years ago. Since that time onwards, Bryne who is also the CEO of Overstock, has remained vocal about the potential of both digital assets and its underlying technology (blockchain).
In recent times, Bryne has revealed that he feels the widespread adoption of a decentralized, stateless cash will shape humanity’s future in the finance sector. For Bryne, the true opportunity isn’t in online retail, or those paid for with BTC tokens.
Rather, he believes it is more likely one of the 12 blockchain startups receiving funding from Overstock’s extension, Medici Ventures. For this reason, he has decided to trade his 20.2% share in the startup to undisclosed interest. According to reports, the deal is expected to be closed as early as February, next year.
From Furnishing to Fintec
Medici Ventures Inc. has been the recipient of $175 million in funding from its parent company and houses startups focused on, a range of interests including the Rwandan government property-rights framework to Voatz, the West Virginia foreign citizens blockchain voting pilot. May be the crown jewel is an exchange called tZero. tZero has stood for three years in the making. Such development, naturally, doesn’t come cheap. The venture is costing Medici and Overstock millions every month as it stands.
tZero will be a platform that allows for the exchange of various assets efficiently and in a transparent fashion. It would launch with the growing popularity of security tokens and develop a system for successfully tracking equities lended to market shorters.
The fact that Byrne doesn’t care about the financial shortcomings of his firm, Overstock in recent months, is for the best. Medici on its own has lost Overstock $39 million of the $163.7 million it recorded in losses during Q1, Q2 and Q3 of 2018. The CEO and founder has instead set his eyes on greater things.
Overstock’s Trade Activities Have Shown that That the Firm’s Stocks Have Had An Uneven Year
The share value of Overstock has gone through a bumpy phase since its fortunes were linked to the broader crypto market. Last year, the company’s stock jumped from $15 last summer to $87 at the peak of 2017’s speculative mania. However, since that time onwards, like is the case with the market capitalization of digital assets, Overstock’s share value has plummeted to $17.