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Overstock’s Blockchain Subsidiary Buys Stake in Banking Platform

According to a press release a Retail large stock.com, Inc.’s blockchain subsidiary, Medici Ventures, has acquired a stake in blockchain banking platform Bankorus.

Medici Ventures has purchased a 5.1 percent stake in Bankorus, a blockchain banking platform that permits each people and establishments to shop for, sell, lend and store digital assets. Jonathan Johnson, president of MediciVentures, said that “the addition of Bankorus to Medici Ventures’ portfolio of corporations can more our add building the inspiration of a blockchain-based technology stack for society.” All financial details of the acquisition weren’t forthcoming.

A large investment in blockchain projects by Medici Ventures as a result that in last December, the firm purchased $2.5 million, or 10 percent in equity in agricultural project GrainChain, a blockchain-powered system that permits provide chain parties to trace the distribution method of harvests. The acquisition can supposedly enable GrainChain to expand its market share in Central and South America.

Recently, Bitt, a portfolio firm of Medici, partnered with the Eastern Caribbean Central Bank (ECCB)  to pilot a financial organization digital currency which will be used among the Eastern Caribbean Currency Union (ECCU), and is about to be distributed by licensed monetary establishments and non-bank monetary establishments within the ECCU. The blockchain pilot aims to push bigger stability within the monetary sector, reduce money usage within the ECCU and foster economic growth within the Caribbean.

 

About Steve Anderrson

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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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