Global Blockchain Leader Medici Ventures Announces Strategic Investment in VinX
October 04 2018 - 9:00AM
Medici Ventures to facilitate VinX’s goal of introducing
blockchain to the wine industry
Medici Ventures, the leading blockchain accelerator and subsidiary
of Overstock.com, Inc. (OSTK), announces its latest strategic
investment in VinX, an Israel-based company developing a blockchain
platform to streamline wine futures trading while reducing fraud
through secure supply-chain tracking from product provenance.
VinX plans to create a token-based digital wine futures platform
based on the Bordeaux futures model that allows for the selling and
trading of wine futures on a transparent and secure blockchain to
create an even playing field for transactions on a global scale.
VinX’s platform aims to reduce fraud in the wine industry by using
the secure and immutable aspects of blockchain to track provenance
of wine to end consumer at a cost bearable to the industry.
“Like any economy, the wine industry has difficulty scaling its
middlemen-heavy systems in parallel with the growing demands of an
increasing global market,” said Patrick M. Byrne, CEO and founder
of Overstock.com. “VinX’s steps in tokenizing wine futures while
allowing wine enthusiasts to know without a doubt that the bottles
they purchase are filled with authentic wines will position the
entire industry as a model of a new global economy that replaces
old boys’ networks with frictionless trust through technology.”
Experts conservatively estimate that 20 percent of all wine in
the world has counterfeit labeling, so what a consumer believes is
a high-end bottle of wine could have a decidedly more local origin.
It is often difficult for even the most seasoned collector to
identify fakes. To combat this growing concern, VinX plans to use
blockchain to connect wine lovers directly with wineries,
eliminating fraudulent middlemen within the industry and providing
customers with a direct line to the source of the products.
“We are so excited to partner with the Overstock/Medici Ventures
family to help us realize the VinX vision, which meshes exactly
with the core values of Medici Ventures,” said Jacob Ner-David,
VinX co-founder and CEO. “VinX is democratizing the capital
structure of the wine industry by bringing consumers in direct
contact with producers early in the wine-making cycle. We are
riding the wave of direct-to-consumer, which Overstock has been a
leader of for almost 20 years. In addition, because we are
registering all wine futures as tokens on a blockchain, we are
bringing a powerful validating force that will go a long way toward
reducing fraud. VinX looks forward to benefiting from the many
years of e-commerce experience of Overstock and the blockchain
leadership of Medici Ventures and the rest of the Medici Ventures
portfolio.”
About Overstock.com
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A
Preferred (Medici Ventures’ tZERO platform: OSTKP) / Series B
Preferred (OTCQX:OSTBP) is an online retailer based in Salt Lake
City, Utah that sells a broad range of products at low prices,
including furniture, décor, rugs, bedding, and home improvement. In
addition to home goods, Overstock.com offers a variety of products
including jewelry, electronics, apparel, and more, as well as a
marketplace providing customers access to hundreds of thousands of
products from third-party sellers. Additional stores include Pet
Adoptions and Worldstock.com dedicated to selling artisan-crafted
products from around the world. Forbes ranked Overstock in its list
of the Top 100 Most Trustworthy Companies in 2014. Overstock
regularly posts information about the company and other related
matters under Investor Relations on its website,
http://www.overstock.com.
About Medici Ventures:
Launched in 2014, Medici Ventures is a wholly owned
subsidiary of Overstock.com, Inc., created to leverage
blockchain technology to solve real-world problems with
transparent, efficient and secure solutions. Medici
Ventures has a growing portfolio of
groundbreaking blockchain-focused investments. The company’s
majority-owned financial technology company, tZERO, executed the
world’s first blockchain-based stock offering in December
2016.
About VinX
VinX (www.vinx.wine) is a blockchain based platform that enables
wineries to streamline funding by selling wine futures and
developing direct connections with their consumers. Founded and
advised by a team that includes winery owners and tech
entrepreneurs, VinX is positioned to bring positive disruption to
the $300+ Billion wine industry.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered trademarks of
Overstock.com, Inc. O.biz and Space Shift are also
trademarks of Overstock.com, Inc. Other service marks, trademarks
and trade names which may be referred to herein are the
property of their respective owners.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements include all statements other than
statements of historical fact. Additional information regarding
factors that could materially affect results and the accuracy of
the forward-looking statements contained herein may be found in the
Company's Form 10-Q for the quarter ended June 30, 2018, which was
filed with the SEC on August 9, 2018, and any subsequent filings
with the SEC.
SOURCE: Overstock.com, Inc.
Media Contact:pr@overstock.com
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