‘Blockchain Revolution’ Is Bigger Than Anything We’ve Seen in History: Overstock CEO

Twitter Facebook LinkedIn CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here. Overstock founder and CEO Patrick Byrne is exiting the retail business so he can focus on blockchain because he believes it’s a disruptive technology that will transform the world. “The blockchain revolution has a greater potential than anything we’ve seen in history,” Byrne told Fox Business on Nov. 26 (video below). “It’s bigger than the Internet revolution, how it’s going to restructure society.” Fox Business host…

‘Blockchain Revolution’ Is Bigger Than Anything We’ve Seen in History: Overstock CEO

Twitter Facebook LinkedIn CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here. Overstock founder and CEO Patrick Byrne is exiting the retail business so he can focus on blockchain because he believes it’s a disruptive technology that will transform the world. “The blockchain revolution has a greater potential than anything we’ve seen in history,” Byrne told Fox Business on Nov. 26 (video below). “It’s bigger than the Internet revolution, how it’s going to restructure society.” Fox Business host…

Overstock CEO Reveals Estimated Date for Selling Retail Business to Focus on Blockchain

Patrick Byrne, founder and CEO of U.S. retail giant Overstock, is planning to sell the retail arm of his company to focus on blockchain by early next year, The Wall Street Journal (WSJ) reports Nov. 23. Byrne, known in the blockchain industry for his commitment to the technology, did not disclose the details of the agreement, nor did he name potential buyers; he did however tell the WSJ that he expects to have the deal closed by February 2019. The WSJ reports that Byrne has been planning to sell his…

Overstock Rwanada Launch Blockchain Land Rights Platform

Twitter Facebook LinkedIn Medici Ventures is a wholly owned subsidiary of Overstock, one of the most cryptocurrency friendly businesses in the world, whose CEO has frequently promoted the use of bitcoin and other cryptos. Medici is specifically geared toward blockchain businesses, development, and technology, and on Thursday it signed a second Memorandum of Understanding with the Rwandan Government (specifically the Land Management and Use Authority and Information Society) for the development of a blockchain-based land management and property rights platform. In a nutshell, the blockchain will be used to secure…

Overstock to Offer Bitcoin for Sale After Acquiring Bitsy.com Biometric Wallet

Medici Ventures, a blockchain/crypto specific division of Overstock.com, has acquired Bitsy.com in an effort to finally merge the worlds of online retail with decentralized, digital cash facilitated by the Bitsy’s new biometric wallet. The Crypto Winter, assuming it ends at some point, might be best defined by what companies in the space did to prepare for the future, to consolidate and increase relative positions as others retreated.   Also read: Mt. Gox Victims Must Take Claims to Tokyo, Not US, Judge Rules Overstock’s Medici Acquires Bitsy Overstock CEO Patrick Byrne announced, “Bitsy…

Overstock CEO Sells 10% of His Stock, Saying ‘Don’t Worry, I’m Still in the Game’

The CEO of Overstock, the first major retail company to accept Bitcoin (BTC) as a payment method, has sold 10 percent of his shares, CNBC reported September 11. According to a form 4 SEC filing, Patrick Byrne sold around $15.8 million worth of shares as of Thursday and Friday, and then $4.9 million worth on Monday, totalling more than $20 million. The company’s share price subsequently fell 12 percent. In an open letter to investors, which Byrne reportedly signed “your humble servant,” he pointed out several reasons for shareholders not…

Overstock Shares Surge Following tZERO Investment Announcement

Overstock shares soared by 21 percent in after-hours trading following news that Hong Kong-based private equity firm GSR Capital will invest up to $270 million in tZERO, an Overstock blockchain subsidiary, CNBC reported Aug. 9. The two companies signed a deal wherein GSR Capital will invest up to $374.55 million in exchange for tZERO and Overstock shares. GSR will buy $30 million worth of tZERO tokens from the e-commerce retail giant and will аlso invest up to $270 million in the company at a valuation of $1.5 billion, giving the…

Overstock Subsidiary Partners With Zambian Gov’t on Blockchain Land Registry

Zambia has signed a Memorandum of Understanding (MoU) with the blockchain land registry subsidiary of American retail giant Overstock, the company revealed in a press release July 31. Under the agreement, Overstock’s Medici Land Governance (MLG) will work with the Zambian government on overhauling land ownership, allowing rural landowners to legitimize their estates and gain access to the financial world. “Without formal ownership, individuals struggle to obtain access to credit and public services, while governments are limited in their ability to collect taxes, enforce property rights, and plan for economic…

Overstock Ups Investment in Bitt, Furthering Digital Currency Issuance …

Today, Overstock’s Medici Ventures doubled down on its investment in the realm of digital currency for central banks. The additional $3 million dollar investment in  Caribbean blockchain-based digital payment provider Bitt.com signals a reaffirmation of Overstock and Medici’s belief in the ability of digital currencies to become the de facto means of payment transactions. Medici Ventures originally invested $4 million in the Barbados-based fintech company in 2016. At the time of the initial investment, Overstock CEO, Patrick Byrne, stated, “Bitt has a vision for the Caribbean of frictionless mobile cash,…