Overstock’s Blockchain Subsidiary Procures Stake in Blockchain Banking Platform

Medici Ventures, Distribution Distributor, Overstock.com, Inc. took over the share in the Bankorous banking platform, according to a statement released on March 11.

Medici Ventures bought a 5.1 percent stake in Bankorus, a blockchain banking platform that allows individuals and institutions to purchase, sell, borrow and store digital assets. Jonathan Johnson, President of Medici Ventures, said: "Adding Bankorusa to the Medici Ventures portfolio will strengthen our work to create the foundation for blockchain technology." Financial aspects of the purchase are not yet known.

Medici Ventures has invested heavily in blockchain projects. Last December, the company bought $ 2.5 million, or 10% of its capital, in the GrainChain agricultural project, a blockchain-based system, and which supply chain actors can track the crop distribution process. , The acquisition is expected to increase GrainChain's market share in Central and South America.

Recently, Bitt, Medici's holding, in partnership with the Central Bank of the East Caribbean (ECCB), tested the digital currency of the central bank to be used in the Union of Coins. East Caribbean (ECCU). Financial institutions and non-banking institutions within ECCU. The purpose of the Blockchain pilot project is to promote greater stability in the financial sector, reduce cash used in ECCU and promote economic growth in the Caribbean.

Last month, Patrick Byrne, founder of Overstock, said blockchain could make the government "extremely efficient and unable to bribe," pointing out that utilities have reached a milestone for fundamental change in their structure and that blockchain technology is the optimal solution. Byrne suggested "establishing a government as a service, a series of applications and companies that can bring blockchains together to the various services provided by governments."


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