Overstock established the Medici Ventures subsidiary in 2014 as a company that could invest in blockchain technology companies and related markets. The company recently decided to make a big decision with their investments – to secure a 5.1% stake in a blockchain banking platform named Bankorus. This purchase was recently announced via official press release in Globe Newswire by Overstock.
Bankorus, founded in 2017, supports the lending, exchange, and custody of crypto assets on the blockchain, ensuring security for both individuals and institutions. With offices in both Europe and China, the stake that Medici Ventures holds will allow the latter to work on the “foundation of a blockchain-based technology stack for society,” according to president Jonathan Johnson of the company.
Continuing, Johnson points out that Bankorus has managed to create a “revolutionary” platform that has much of the same priorities of Medici Ventures. They both share goals of getting rid of the middleman during these trades, “rehumanizing commerce,” and allowing individuals to gain control of the digital assets that they own.
Right now, Medici Ventures is in charge of a global portfolio that prioritizes the introduction of blockchain technology for other markets. Some of the industries it has already tried to influence include capital markets, identity, property, supply chain, money and banking, and voting, which have all seen trials in some form so far.
Overstock, which runs Medici Ventures, was the first major retailers to make crypto payments an optional funding source for purchases from their website in 2014. This was the same year that the company chose to found Medici Ventures, which has greatly evolved in its five years in the blockchain.