Overstock's blockchain subsidiary buys stake in banking platform

12 Mar, 2019 | Updated: 12 Mar, 2019
by Colin Hawkins
News
Overstock's blockchain subsidiary buys stake in banking platform

Announced via a press release March 11, Medici Ventures, a blockchain subsidiary of Overstock.com, have purchased a small stake in Bankorus, a blockchain banking platform.

Bankorus enables both individuals and institutions to buy, sell, and store digital assets. Medici Ventures acquired a 5.1 percent stake in the company. This news doesn't come as a complete surprise, as Medici Ventures has been investing in blockchain projects regularly. Just last December they purchased a 10 percent stake in GrainChain, an agricultural project, powered by blockchain, tracks the the supply chain of the distribution process of harvests. This acquisition was valued at $2.5 million. This acquisition is set to allow GrainChain to expand into Central and South America.

Jonathan Johnson, president of Medici Ventures, spoke on the acquisition of Bankorous via a press release:

“The addition of Bankorus to Medici Ventures’ portfolio of companies will further our work in building the foundation of a blockchain-based technology stack for society.”

Bitt, which is also apart of the Medici portfolio, recently partnered with the Eastern Caribbean Central Bank (ECCB) to pilot a central bank currency. This central bank currency is set to be used within the Eastern Caribbean Currency Union (ECCU) and is to be used by licensed financial institutions within the ECCU. Its aim is to provide stability in the financial sector, reduce cash usage in the ECCU and promote growth within the Caribbean.

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