Overstock Blockchain Arm Medici Ventures Makes Executive Changes to Boost Revenue Generation
Medici Ventures has recently announced that they are making changes to their top executives which are aimed at increasing the revenue process for tZero. Medici Ventures, Inc. is a principal investment arm of Overstock.com, Inc. specializing in investments in blockchain technologies which was founded in 2014 and is based in the United States. tZero is notably their cheif portfolio company and center of their focus.
The company’s Chief Operating Officer, Steven Hopkins is going to resign to take up the position of Cheif Revenue Officer at tZero. tZERO is a global leader in the blockchain innovation world for capital markets. The goal of tZero is to transform the trading of security tokens issued in ICOs. The company wants to create ICOs that are compliant with SEC and FINRA regulations.
This announcement follows the company’ deal with Bitsy crypto wallet which saw them acquire 67% stake in the company. The buyout was supposed to be concluded earlier this week for $5.5 million in cash from Hopkins’ father in law, Richard N. Beckstrand.
Just last month BitcoinExchangeGuide had reported that Medici Ventures has decided to purchase a portion of Chainstone Lab’s digital assets, representing 3.6 million shares in the company. By purchasing this value of shares, Medici Ventures presently has a 29.6% stake in the company. Chainstone is s startup for digital securities and is presently in the inception stage of getting into the cryptocurrency industry.
Last month Jonathan Johnson had discussed with Coindesk about the venture fund’s goals for 2019. He stated that the 19 portfolio companies are aiming to develop new ideas and methods to execute them. There is also a chance that Medici will become a public company due to the amount of investment flooding into the company and flagship online retailing site. He believes that it is important to discuss with others more than how blockchain applications work, but it is also imperative to show them how “amazing” the technology can be by launching blockchain products.