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Retail Giant Overstock.com’s Blockchain Subsidiary Medici Ventures Purchases Stake In Blockchain Banking Platform

BFSI News

Retail-Giant-Overstock.com’s_Blockchain-Subsidiary-Medici-Ventures-Purchases-Stake-In-Blockchain-Banking-Platform Retail Giant Overstock.com’s Blockchain Subsidiary Medici Ventures Purchases Stake In Blockchain Banking PlatformMedici Ventures, a wholly-owned Blockchain subsidiary of Overstock.com, Inc., has purchased a 5.1 percent stake in Bankorus, a Blockchain banking platform. Bankorus is the first Artificial Intelligence-powered, Crypto-wealth management platform, and security token marketplace developed on the Blockchain. With bringing Bankorus to Medici Ventures’ portfolio will augment the company’s work towards developing the foundation of a Blockchain-powered technology stack for the society, according to the President of Medici Ventures, Jonathan Johnson.

Headquartered in Midvale, Utah, Medici Ventures has been largely investing in Blockchain projects. In December last year, the firm acquired USD 2.5 million, a 10 percent, stake in agricultural project GrainChain, a Blockchain-driven system that allows parties of the supply chain to track the distribution process of harvests. With this acquisition, GrainChain reportedly will expand its market share in Central and South America. To continue its Blockchain spending, Bitt, a portfolio firm of Medici, recently teamed with the Eastern Caribbean Central Bank (ECCB) to pilot a central bank digital currency, which will be utilized within the Eastern Caribbean Currency Union (ECCU). Additionally, this is set to be distributed by authorized financial institutions and non-bank financial institutions in the ECCU.

As part of the development in the Blockchain technologies, Overstock.com’s founder Patrick Byrne stated last month that Blockchain can make government superefficient and incapable of being bribed, with pointing out that government services have reached a turning point for a fundamental change of their structure, and Blockchain technology, will be the best solution. Byrne proposed to develop government-as-a-service, a set of applications and companies, which can bring the technology to a range of services that governments provide.