Overstock affairs to advertise its decades-old retail business in the abutting few months to accomplish way for a absolute bet on blockchain.
The ahead appear auction affairs could go through as anon as February, the company’s CEO told The Wall Street Journal in a address appear Friday. Overstock architect and CEO Patrick Byrne — an agog accepter in the technology that underpins bitcoin and added cryptocurrencies — beneath to name any of the abeyant buyers.
Shares of Overstock surged as abundant as 26 percent Friday but the banal is bottomward 66 percent this year.
Byrne founded Overstock in 1999 to advertise appurtenances like appliance and adornment on the internet. He’s now action the approaching of that cast on assorted blockchain start-ups through its absolutely endemic accessory alleged Medici Ventures.
The Salt Lake City-based aggregation has invested $175 actor in Medici, which has been afire money back its 2014 inception: It absent absent $39 actor in the aboriginal three abode of the year, and almost $22 actor aftermost year, according to the company’s accessible filings. Overstock itself is in the red, with a net accident of $163 actor in the aboriginal three abode of this year.
One of its best-known start-ups, tZero, a trading arrangement that hasn’t launched commercially, is additionally afire money.
“I don’t affliction whether tZero is accident $2 actor a month,” Byrne told the Journal. “We anticipate we’ve got algid admixture on the blockchain side.”
Medici houses start-ups that go able-bodied aloft the ambit of aloof cryptocurrencies. One aggregation Voatz, runs blockchain-based voting through
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