Retail Giant Overstock Acquired A Stake In Bankorus Blockchain Banking Platform

Overstock.com, Inc.’s, the popular retail giant’s blockchain subsidiary, Medici Ventures, has officially acquired a stake in the Bankorus blockchain banking platform according to a press release published a couple of days ago which we are reading more about in our cryptocurrency news.

Medici Ventures purchased a 5.1 percent stake in the Bankorus blockchain banking platform which makes possible for individuals but also for institutions to sell, buy and store digital assets. Jonathan Johnson who is a president of Medici Ventures explained that ‘’the addition of Bankorus to Medici Ventures’ portfolio of companies will further our work in building the foundation of blockchain-based technology tack for society.’’

The Medici Ventures has been investing in blockchain projects for quite some time now. For example, Last December the company purchased $2.5 million or about 10 percent in equity in GrainChain which is an agricultural project which is a blockchain-powered system that makes possible for the supply chain parties to easily track the distribution process of harvests. The new acquisition will reportedly allow the GrainCain platform to expand its market share all over South America and Central America.

Also, very recently, another portfolio firm of Medici-Bitt, partnered with the Eastern Caribbean Central Bank (ECCB) to provide a pilot program for a central bank digital currency which will eventually be used within the Eastern Caribbean Currency Union which is expected to be distributed by multiple licensed financial institutions but also by non-bank financial institutions as well. The blockchain pilot program wants to promote the stability in the financial sector but also to reduce cash usage in the ECCU region and to stimulate the economic growth in the Caribbean.

In February, Patrick Byrne who is the founder of Overstock, explained that the blockchain can make government ‘’superefficient and incapable of being bribed’’ because the government services need a fundamental change of their structure and blockchain technology is the main solution. Byrne also made clear that ‘’building government-as-a-service, a set of applications and companies that between them, can bring blockchain to different services governments provide.’’

Byrne also stated:

“The blockchain revolution has a greater potential than anything we’ve seen in history. It’s bigger than the Internet revolution.”