Overstock CEO Acquires 43% of Blockchain Start-up ‘Medici Land Governance’
Blockchain-Based Start-up ‘Medici Land Governance’ Partly Acquired by Overstock.com CEO, Patrick Bryne
According to news report by GLOBE NEWSWIRE on September 25th, Patrick M. Bryne, the founder & CEO of Overstock has ventured into the blockchain space as a prospective investor. Mr. Bryne invested 43% in Medici Land Governance, a blockchain firm seeking to integrate land records into blockchain networks. The parent company of this blockchain start-up is Medici Ventures.
Patrick acknowledges the potential of blockchain networks to reduce poverty levels across the world if land records are kept well and proper governance is exercised. He added that half a year ago, the Ovesrtock CEO had communicated to Overstock stakeholders signaling a probable investment in blockchain. Mr. Bryne has been a firm believer of blockchain’s potential since he discovered the technology.
Therefore, it explains why the crypto enthusiast has been on a quest to leverage the blockchain platform. Patrick’s work in blockchain targets entrepreneurs from both developed & developing economies. It emerges that land governance is a major factor to a society’s prosperity and the management dynamics can be vastly improved by blockchain features. Integration of land records with immutable platforms will also help cut off exploitive characters hiding behind broken judiciary systems.
The Medici Land Governance platform was initiated in 2018, a year when blockchain & crypto have experienced the most fundamental growth. Its purpose is worldwide integration of the economy while keeping property records on a DLT to maintain authenticity. As it stands, Medici Land has made progress in Zambia where it is set to work with the government & World Bank in the development of blockchain networks for land records.
Dr. Ali El Husseini, the CEO for Medici Land Governance is impressed by Bryne’s move in acquiring part of the company via a private transaction. He said that this shows the fundamental value attributed to its network is no hype like many projects at the moment. Mr. Husseini also noted the importance of efficient land registration avenues and records as an economic driver for nations. Furthermore, the Overstock investment will boost the resources needed by Medici Land Governance for the Zambia milestone. Tokenization of property will therefore be a start for wider investment options in the global markets for the Zambian population.
The United Nations has continuously supported the private sector citing it an important vehicle towards achieving the Sustainable Development Goals (SDG). According to a Lead Economist in the UN, Klaus Deininger, critical assessment of private sector by prominent figures like Patrick Bryne assists the World Bank functions in three ways.
First and foremost is the opportunity to leverage innovation to improve the social & economic status of a people. For example, the Zambian case presents an opportunity for the World Bank to improve equity in land distribution to cover even the minority groups through blockchain integration. Secondly, the World Bank is able to appreciate the efforts needed to be implemented by local governments to improve private sector productivity. Lastly, through prior assessments the World Bank conducts feasibility tests faster in order to leverage technology innovations. Through such a process, nations like Zambia can integrate a secure land tenure system within vision 2030.
Medici Ventures has a rich portfolio with Medici Land Governance as the 14th. This Overstock fully-controlled subsidiary was launched back in 2014 to scale the blockchain-related businesses, re-humanize commerce and cut off exploitive brokers in existing ecosystems.
Overstock.com in Detail
Overstock.com Inc. is listed in the NASDAQ stock exchanges with its operations located in Salt Lake City, Utah. The company operates in the same line as Amazon & Alibaba ‘Online Retail’, a sector that has produced top billionaires in both the US & China. Products offered via the Overstock.com platform are differentiated and come with friendly prices. They include bedding, rugs, décor, furniture and other home enhancement services.
In addition, the firm offers other products like apparel, electronics and jewelry. Overstock.com also plays a fundamental role in creating a market for clients to purchase a wide variety of goods from the 3rd party market supply. The network also facilitates Pet Adoption stores & the sale of artifacts via the Worldstock.com network. Forbes has recognized Overstock.com placing it among the top 100 trustworthy firms back in 2014. Investors in this company are regularly updated via the firm’s website portal.
The Overtock.com owned firm had its launch in 2014. Medici Ventures was created with an intention to use blockchain network in solving day-to-day challenges incorporating a secure, efficient & transparent approach. The firm has since diversified its holdings with a major focus in crypto & blockchain-oriented projects. One of the Fin Tech companies where Medici Ventures is a majority shareholder pioneered the blockchain-oriented stock offer two years ago.