Founder and CEO of U.S. retail giant Overstock reveals estimated date for promoting his retail business to invest more in blockchain projects.
Patrick Byrne, founder and CEO of U.S. retail giant Overstock, will market the retail arm of his company to concentrate on blockchain by early next year, The Wall Street Journal (WSJ) accounts Nov. 23. Byrne, understood at the blockchain sector for his devotion to this technology, didn’t disclose the facts of the arrangement, nor did he envision buyers; he also did yet tell the WSJ he expects to get the deal closed by February 2019. The WSJ reports that Byrne has been planning to sell his e-commerce business since 2017 to fully devote himself into blockchain projects.According into WSJ, Overstock’s blockchain-focused subsidiary Medici Ventures is your reason behind visible losses for the business. Although from the first nine months of 2018 it has lost $39 million, in 2017, Medici lost $22 million. The total reductions for Overstock amounted $163.7 million for the documented period of 2018. Byrne, however, remains stalwartly optimistic about his blockchain ventures. “I don’t care whether tZero [among those projects ] is dropping $2 million per month. We believe we’t got cold combination about the blockchain facet,” he also clarified from the interview.Medici losses in comparison to general Overstock declines in 2017-2018. Source: WSJOverstock was launched back in 1999 to market surplus and returned product online and became a “leader ” at the crypto area by turning into one of the first major organizations to take Bitcoin (BTC) at 2014. According to WSJ, a remote blockchain-driven graduate in U.S. province of West Virginia was one of the projects that Medici endorsed this season. 144 military personnel stationed abroad from 24 counties were able to vote by way of a decentralized cellular platform Voatz as Cointelegraph reported after the matter, at the 2018 midterm elections. In August, Medici Land Governance partnered to develop a method of decentralized land ownership, letting rural landowners to legitimize their property and gain access into the financial world. […]