US e-commerce and tech giant Overstock has announced that it has established a blockchain research and development center that will be based in Ireland.
In a press statement issued on Oct. 9, the company revealed that the new R&D base will be situated in ‘IDA’s flagship North West business park in Sligo’. The statement also stated that the center will employ its hundredth employee who will be Irish before the end of the year. At the moment, the center boasts of approximately 80 technologists.
The press statement also stated that the new R&D center in Ireland is worth more than €1 million ($1.1 million). According to the firm’s vice president who also doubles as the site head, David Kenny, the company was excited with the opening of the new center that will see all the teams under the same roof. Kenny explained that the new center was a validation of Overstock’s preference of the North West as a friendly area for business and the creation of high-performance teams for software development.
He added that the blend of varied career paths as well as high-quality tech environment coupled work-life balance had gone won excellently with the techies. This, he stated, was an added incentive for the numerous individuals who have continued to be part of their team.
Here is his exact quote:
“We’re absolutely delighted with our new home and getting all our teams back under one roof. It further validates Overstock’s choice of the North West as a great place to do business and build high performance software development teams. The combination of a diverse career path, a cutting edge tech environment and a great work life balance has really resonated with the techies who continue to join our growing team.”
The press statement was also categorical in that the new center will not only focus on blockchain but also on emerging innovations within the e-commerce sector as well as the machine learning domain.
Despite the opening of the new center, not all is smooth with the company. The tech giant is embroiled in a controversy which has contributed to negative effects on its reputation. A fresh complaint has been filed in Utah alleging that the immediate former Overstock CEO, Patrick Byrne as well as the former CFO Greg Iverson were in the middle of a securities fraud. In this case, it remains unclear whether the opening of the new R&D center will add to the company’s fortunes.
Cointelegraph reports that Overstock is following in the footsteps of IT firm Cisco which opened an innovative center in Singapore in February that also focuses on blockchain.