tZERO Launch Nears as Overstock Blockchain Venture Fund’s Medici Ventures Changes Management
The long-awaited security token market created by Overstock, tZERO, is causing some shuffles in the composition of the people working at the company. Now, Joel Wright was promoted as Chief Operating Officer of Medici Ventures, the blockchain segment of Overstock.
Wright has previously worked as the Chief Technology Officer (CTO) of Medici and he replaces Steve Hopkins, which was the previous COO. Jonathan Johnson, the leader of the company, affirms that Joel has been promoted because he has a “deep understanding” of the technology and this will be extremely useful for the launch of this new product.
At the moment, the job of CTO is currently vacant in the company, which is reported to be interviewing candidates in order to fill in this role.
According to Johnson, blockchain is currently a “hot area” with a lot of people excited to work on it. This, he believes, is the main reason why the company is seen as a leader in the space and he wants to continue this legacy, so they need to find the right talent to move the company and the industry forward.
The new general counselor of Medici will be Stanton Huntington, previously associated with Overstock. Hopkins will move as part of the deal.
tZERO, which is set to be launched soon, will use the technology from Bitsy, a crypto exchange and wallet provider that was acquired by Medici for the sum of $12 million USD. With the tech of Bitsy, the company is expected to provide some important services for the ecosystem.
Medici currently owns 80% of tZERO, so the project is at the center of the attention of the company and they are assembling the best possible team in order to actually make the product have a great launch and then offer solutions that can please the customers and investors alike.
The CEO of Overstock, Patrick Byrne, has seen his company lose at least a third of its market value last month, so the launch of tZERO is very important as the company expects it to help it to get back on its feet. The team is very optimistic about the future right now, however, as they believe that the blockchain can have a great future even when separated from the cryptocurrencies, which are on a bad time now.
According to Johnson, people were very pessimistic about the internet and the dot-com industry as soon as the bubble burst but now, in 2019, they see just how valuable all the technology was. He believes that it will be the same with the blockchain technology and that, ten years into the future, people will have perceived just how valuable it all was.