Note from the CEO: We at FintekNews thought it might be nice to see what one public firm’s investments in blockchain companies have produced. Obviously it is not THAT simple, but a little insight is always fun to peek at and since Overstock was an early adapter of bitcoin we thought it could be of interest. This is NOT a call on Overstock since we don’t really cover it, so no hot tips here.
Overstock is kind of a “unique” company and one in which investors can get some “backdoor” exposure to blockchain technology via its wholly owned Medici venture capital entity. Obviously Overstock’s investments are hard to value and will take years to pay off (if they do), but any of them could be a big payday at some point. So, here is a great read on how one technology savvy, and early proponent of fintech, publically traded firm is doing. And, what else they may be up to.
“Overstock (OSTK:NASDAQ) is one company in which you can invest in to obtain exposure to the value that blockchain technology will unlock in the years to come. As one of the first adopters of Bitcoin, it is clear that the large retailer dances to its own tune, whereby investment in blockchain technology has been a key priority for the firm……Medici Ventures is a wholly owned subsidiary of Overstock, with a strong presence in the blockchain space; Medici project investments include t0, PeerNova, Bitt.com and Identity Mind. Bitt delivers a wallet service, PeerNova builds immutable systems for large-scale operations while IdentityMind constructs digital identities to ensure integrity in global digital commerce market.
PeerNova, of which Overstock has a 7.5 percent ownership stake, aims to bring at least three fully functioning projects to market in 2017 and plans a joint venture with Zhejiang Zhongnan, a Chinese construction firm.
Whereas t0, a majority owned subsidiary of Overstock, focuses on the development and commercialization of financial technology (FinTech) based on cryptographically-secured, decentralized ledgers, commonly known as blockchain technologies. “