Overstock’s Shares Q3 Results And Opens Medici Ventures’ Bitsy Wallet Access

Internet retail platform, Overstock.com, recently published its third-quarterly financial report for 2018 (and the numbers were quite impressive to say the least). Additionally, via a separate announcement, Overstock’s VC subsidiary, ‘Medici Ventures’, announced that it would soon be providing customers with access to Bitsy’s digital wallet (thus allowing them with more financial freedom and flexibility).

A Detailed Look At The Matter

As mentioned previously, US-based Overstock.com, recently presented its investors with its financial report for Q3. In the document, a representative for the firm states that the Overstock dev community currently sees ‘blockchain-related operations and projects’ as being their primary drivers (moving forward).

In terms of the firm's recent financial performance the following data is worth considering:

  • Overstock’s total revenue saw an increase of 4% (from $424 million to $440.6 million) since last year.
  • The company's gross profit rose by 4% (from $83.7 million to $86.7 million to be exact).
  • Sales and marketing expenses increased by 23% (when compared to the firm’s third quarter performance from 2017).
  • The net loss attributable to Overstock stockholders was $47.9 million or $1.55 per share, against a loss of $800,000 or $0.03 per shares recorded in Q3 2017.

The Inside Scoop

It is being said that the quarterly report mentioned above was presented to the company's shareholders via a conference call. The meeting also saw Overstock’s executive brass get into detailed discussions regarding the firm's updated roadmap and future POA.

During the course of the conversation, Patrick M Byrne, the CEO and Founder of Overstock, along with other executives mentioned that in order for tZero (a subsidiary project of Overstock) to become a leading player within the STO (Security Token Offering) industry, the project will have to provide enthusiasts with financial offerings that are “unique and think outside of the box”.

Medici Ventures Now Allows Access To Bitsy Wallet

Earlier last month, Medici Ventures announced via a detailed blog post that one of the company’s portfolio arms, Bitsy, was all set to “permit public access to the beta version of its wallet and exchange solution starting Monday, November 12”.

In relation to the matter, Byrne further noted that:

“We are excited to continue our cryptocurrency journey and integrate Bitsy’s technology with Overstock.com to offer bitcoin for sale directly from the retail site in the first half of 2019.”

Final Take

Byrne has always been vocal about his views regarding crypto and while rounding out his conference with Overstock’s shareholders, he signed off by saying:

“The great promise of the Bitcoin white paper was to have legitimate peer-to-peer exchange of value without the need for trusted intermediaries. Few people understand, however, that with conventional Bitcoin wallets, users do not have actual possession or control of the Bitcoins they buy. This defeats the whole purpose of crypto.”

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