Overstock’s Medici Ventures Invests $2 Million Into Evernym’s Blockchain-Based ID System

Evernym, a blockchain-based startup that is focused on creating identity solutions, has recently been able to raise $2 million from Overstock’s crypto subsidiary Medici Ventures.

According to the press release, Medici started a partnership with the company and invested the money in it. The investment will eventually be transferred into preferred stocks, but the date in which this will happen was not disclosed by the companies involved. The funds will help Evernym to fund its blockchain project.

Jonathan Johnson, the new CEO of both Overstock and Medici Ventures, affirmed that Evernym has an interesting project to bridge the gap between true self-sovereign identity solutions and siloed solutions.

He affirmed that Evernym’s greatest potential is in helping people and companies to manage identities in an independent but connected way, something that the industry is currently lacking.

Steve Havas, the president of Evernym, affirmed that the startup’s solution has already been tested by over 40 companies. According to him, the work needs to be continuous in order to keep ensuring that people will be able to keep their privacy in a world in which this is getting harder every day. To him, privacy should be offered by default to the users, which is something that is not happening now.

In related news, Johnson has recently affirmed that he was fit to run both companies. During the same occasion, he affirmed that Medici Ventures will continue to invest a lot in new crypto startups that have the potential to create something unique and profitable.