Private equity firm GSR Capital has contracted Overstock.com Inc.’s subsidiary tZERO Group Inc. to develop a smart contract token for a sale of cobalt, according to a press release published Dec. 17. tZERO and Hong Kong-based GRS Capital’s partnership is focused on developing an ecosystem in Asia for tokenized commodity purchase contracts that would purportedly improve the supply chain process of rare metals. Additionally, the parties are looking to launch a security token platform in the region, following compliance with relevant regulatory requirements. Per the release, the token will be used for a sale of cobalt, and is expected to …

Medici Ventures, the blockchain venture arm of Overstock.com Inc., has purchased $2.5 million in equity in agricultural blockchain project GrainChain, according to a press release shared with Cointelegraph Dec. 4. Founded in 2003, GrainChain has developed a blockchain-powered system that enables supply chain parties to track the distribution process of harvests. GrainChain’s blockchain-based financial settlement system allows producers, buyers and sellers to create smart contracts in order to secure funds throughout the grain transaction process. The firm states that their system provides a platform, by which small- and medium-scale farmers can conduct business outside of their immediate geographic area and …

Patrick Byrne, founder and CEO of U.S. retail giant Overstock, is planning to sell the retail arm of his company to focus on blockchain by early next year, The Wall Street Journal (WSJ) reports Nov. 23. Byrne, known in the blockchain industry for his commitment to the technology, did not disclose the details of the agreement, nor did he name potential buyers; he did however tell the WSJ that he expects to have 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 to blockchain …

Overstock’s venture capital subsidiary Medici Ventures has invested in decentralized social network Minds, Inc. (Minds.com), according to a press release shared with Cointelegraph Oct. 22. Founded in 2011, Minds is a decentralized social networking platform that rewards users for their activity online via cryptocurrencies, revenue, and views of their content. Recently, Minds launched its native crypto token $MINDS on the Ethereum (ETH) Mainnet, which can be earned for engagement on the platform. Per the release, Minds has received Series A investment from Medici Ventures, although the investment sum was not revealed. With the investment, Overstock.com founder and CEO Patrick M. …

Overstock.com’s venture capital subsidiary Medici Ventures has invested in Israeli-based technology company VinX to develop a blockchain-powered wine futures platform, according to a press release published October 4. The exact amount of the investment was not disclosed. Per the announcement, VinX plans to develop a token-based digital wine futures platform based on the Bordeaux futures model, that will enable the trade of wine futures on a blockchain platform. The initiative purports this will create a secure supply chain that assures product provenance and thus reduces fraud in the wine industry. According to the press release, 20 percent of wine globally …

On Sept. 14, the blockchain investment arm of United States-based e-commerce Bitcoin pioneer Overstock announced that the retailer’s clients can now purchase the cryptocurrency directly from its website. It became possible after its subsidiary Bitsy began a beta launch of its cryptocurrency wallet and exchange, marking another step in Overstock’s rich relationship with Bitcoin. However, although Overstock first allowed its customers to pay with the cryptocurrency back in 2014, the e-commerce industry has yet to experience mass adoption. Meanwhile, Asian players are gathering to make an even greater push. First brick in the wall: Overstock’s initial success In January 2014, …

The blockchain investment arm of U.S. internet retailer Overstock announced that its investment choice Bitsy has begun a limited beta launch of its cryptocurrency wallet and exchange, the companies confirmed in a press release Friday, September 14. Bitsy, which seeks to offer users custody of their holdings via private keys while facilitating password recovery using biometric security, will initially support Bitcoin (BTC) buying, with undisclosed altcoin assets to follow. As a bonus, Overstock CEO Patrick Byrne confirmed, customers would now be able to purchase Bitcoin directly from its website via the integration with Bitsy. “Bitsy sets a new standard for …

The CEO of Overstock, the first major retail company to accept Bitcoin (BTC) as a payment method, has sold 10 percent of his shares, CNBC reported September 11. According to a form 4 SEC filing, Patrick Byrne sold around $15.8 million worth of shares as of Thursday and Friday, and then $4.9 million worth on Monday, totalling more than $20 million. The company’s share price subsequently fell 12 percent. In an open letter to investors, which Byrne reportedly signed "your humble servant," he pointed out several reasons for shareholders not to be concerned about his decision, saying “don't worry, I'm …

Barbados-based fintech startup Bitt Inc. has signed a Memorandum of Understanding (MOU) with the Central Bank of Curaçao and Sint Maarten (CBCS) to research the possibility of issuing a digital guilder, according to an August 12 press release. The parties signed the MOU in order to develop a central bank digital currency to facilitate financial payments within the monetary union of Curaçao and Sint Maarten. Per the announcement, the bank is looking to “reduce the level of cash usage within the monetary union” and facilitate “more secure, more Anti-Money Laundering (AML) and Know Your Customer (KYC) compliant” transactions between the …

Overstock shares soared by 21 percent in after-hours trading following news that Hong Kong-based private equity firm GSR Capital will invest up to $270 million in tZERO, an Overstock blockchain subsidiary, CNBC reported Aug. 9. The two companies signed a deal wherein GSR Capital will invest up to $374.55 million in exchange for tZERO and Overstock shares. GSR will buy $30 million worth of tZERO tokens from the e-commerce retail giant and will аlso invest up to $270 million in the company at a valuation of $1.5 billion, giving the investment firm an 18 percent stake in tZERO. The stock …

tZERO, a blockchain subsidiary of e-commerce retail giant Overstock, announced today Aug. 6 that its Security Token Offering (STO) will come to an end Monday night, with no further extensions. tZERO said that its STO will close at 11:59 PM EDT, whereas investors with fully executed Simple Agreements of Future Equity (SAFEs) have to remit funds to tZERO by 5 PM EDT Wednesday. The startup will reportedly reveal the results of the STO on Thursday, August 9, during Overstock’s earnings call. While tZERO originally limited the maximum amount of tokens to $250 million, it is currently unclear how much it …

tZERO, a security token exchange and subsidiary of Overstock.com, has signed a letter of intent with investment company GSR Capital for the purchase of $160 million in tZERO Security Tokens, according to a press release published June 29. Beijing-based GSR Capital will reportedly purchase $160 million worth of tZero security tokens at a price of $10.00 per token, pursuant to the Simple Agreement for Future Equity (SAFE). tZERO’s Security Token Offering (STO) has been prolonged until August 6, 2018, in order to accommodate investment from GSR Capital. tZERO has also “entered into executed SAFEs in excess of $168 million for …