Online retail giant Overstock has reported that Medici Ventures, its distributed ledger subsidiary, has posted a $3.3 1000000 loss for the 2nd quarter of 2017.
Our Medici work concern terms us $8.0 1000000 pre-tax inward the kickoff quarter, which included a $4.5 1000000 harm accuse related to our investment inward Peernova. However, I rest confident that nosotros are doing the correct affair for our shareholders past times having Medici pursue a seat of global leadership inward blockchain technology.
Overstock is betting that Medici Ventures volition allow the fellowship to seat itself every bit a global leader inward blockchain technology. They cause got already assembled an impressive portfolio of blockchain companies, including PeerNova, tØ, and Ripio, as well as they anticipate that they volition proceed to brand novel investments inward the future. 
Medici Ventures’s Blockchain Technology Portfolio
Overstock besides remains bullish on bitcoin’s potential for retail payments. Since becoming i of the kickoff high-profile companies to convey bitcoin, Overstock has seen a steady growth inward bitcoin transactions. Noting this, Medici Ventures president Jonathan Johnson recently remarked that it was crazy that to a greater extent than retailers produce non convey bitcoin. Despite Overstock’s success amongst bitcoin – as well as i analyst’s prediction that to a greater extent than than 300,000 businesses inward Japan will convey bitcoin past times the terminate of 2017 – Morgan Stanley claimsthat bitcoin credence is “virtually zilch as well as shrinking.” Featured icon from Shutterstock.
