Overstock’s Medici Ventures Acquires 3.6 Million Shares’ Worth of Chainstone Labs Digital Assets
Chainstone Labs is a startup for digital securities. To help them get off the ground, Medici Ventures has decided to purchase a portion of their digital assets, representing 3.6 million shares in the company. Medici Ventures is the investment arm of Overstock.com.
By purchasing this value of shares, Medici Ventures presently has a 29.6% stake in the company. Chainstone is presently in the inception stage of getting into the cryptocurrency industry.
Medici Ventures is looking towards this direction as well, as they launched their securities marketplace this upcoming January. The launch of their marketplace will coincide with the launch of their token – tZERO – which will ultimately be the primary asset on the new platform.
The head of Chainstone is Bruce Fenton, who is also known as the CEO of the Atlantic Financial Blockchain Labs, as well as being the founder of The Satoshi Roundtable conference. He already acts as a Medici board member. Through a spokesperson, Fenton released the following statement:
“We believe that digital securities are a far superior model to old ways of moving securities. Since this is our business focus it’s a natural fit to have our own equity digitized into a securities token.”
Presently, there are 12.4 digital shares in the company, which are under the name CHAINSTONE. They reside on the blockchain that Fenton created himself called Ravencoin, though the blockchain also featured the work of Tron Black, a principal software developer for Medici, and Joel Weight, the CTO.
They created the network originally in January for P2P asset transactions. Commenting on this decision, Fenton noted, “For these shares, Ravencoin was a perfect choice. Ravencoin was specifically designed for digital assets. It has several advantages over other platforms because it benefits from the security and salability of the Bitcoin code base.”
Chainstone's priorities, going forward, will be to offer support with ERC-20 tokens, among other platforms. With the use of the blockchain for the issuance and tracking of shares, transactions like these become “faster, more secure, and completely transparent,” which ultimately “will change the world,” according to the Medici Ventures president.
Medici Ventures has yet to open the token to the public, thought it should be ready by the start of 2019.