Medici Ventures Purchases Additional Equity in GrainChain
March 06 2020 - 9:00AM
Overstock.com, Inc. (NASDAQ:OSTK) has announced that the company’s
blockchain accelerator, Medici Ventures, has exercised a warrant to
purchase an additional $5 million of equity in keiretsu company
GrainChain to further grow its revolutionary agricultural
blockchain platform. Medici Ventures is joining Eden Block and
other investors in this latest round of funding for GrainChain,
which resulted in $8.2 million in capital for the company. This
follows Medici Ventures’ initial investment of $2.5 million in
GrainChain, announced in December 2018.
GrainChain’s innovative platform enables faster payment and
allows for the immediate availability of tradable commodities
between buyers and farmers. Its blockchain-based infrastructure
also reduces fraud and corruption through tracking and
certification, and generally streamlines transactional procedures
throughout the commodities supply chain.
“GrainChain has quietly become one of the most successful
blockchain-meets-agriculture platforms on the market by allowing
more and more farmers to receive fair value and prompt payment for
their crops, while also selling to a larger pool of buyers,” said
Overstock CEO and Medici Ventures President Jonathan Johnson.
“GrainChain’s work in reducing the time and spoilage associated
with agricultural transactions, while also driving down frictional
costs for both farmers and buyers is a shining example of Medici
Ventures’ mission to democratize capital, eliminate middlemen, and
re-humanize commerce through the use of blockchain technology.”
"Our team is humbled and honored by Medici Ventures’ continued
and unwavering support of our work," said GrainChain co-founder and
CEO Luis Macias. "Today’s announcement is a testament to the
success of our partnership, allowing us to continue product
development and expansion to meet market demands in more countries.
It also demonstrates their commitment to our goal of building a
global agricultural marketplace—one that is transparent and fair to
producers—and brings it one step closer to fruition."
Medici Ventures, Overstock.com’s wholly owned blockchain
accelerator, was founded in 2014 with a mission to change the world
by accelerating the adoption of blockchain technology, in order to
fundamentally change the way in which we transact. Medici Ventures’
keiretsu of companies are introducing blockchain technologies to
industries such as identity, land governance, money and banking,
capital markets, supply chain, and voting. Medici is also
committed to increasing public awareness and understanding of the
use cases for and corresponding value of blockchain technology, and
does so through public engagement and policymaker outreach.
About GrainChain:
GrainChain was founded in 2013 with the goal of using technology
to empower farmers and level the playing field in the global
agricultural market. Our innovative, blockchain and IoT-based suite
of products allows producers, buyers and storage operators to
accurately, efficiently and reliably buy, sell and track
commodities throughout the supply chain, from farm to market.
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 interests in a global keiretsu of
groundbreaking blockchain-focused companies focused on building the
foundation of a technology stack for civilization. Medici Ventures’
companies are introducing blockchain technology to industries
including identity, land governance, money and banking, capital
markets, supply chain, and voting. The company’s majority-owned
financial technology company, tZERO, executed the world’s first
blockchain-based stock offering in December 2016.
About Overstock Overstock.com, Inc Common
Shares (NASDAQ:OSTK) / Digital Voting Series A-1 Preferred Stock
(Medici Ventures’ tZERO platform:OSTKO) / Series B Preferred
(OTCQX:OSTBP) is an online retailer and technology company
based in Salt Lake City, Utah. Its leading e-commerce
website sells a broad range of new home products at low prices,
including furniture, décor, rugs, bedding, home improvement, and
more. The online shopping site, which is visited by nearly 40
million customers a month, also features a marketplace providing
customers access to millions of products from third-party sellers.
Overstock was the first major retailer to accept cryptocurrency in
2014, and in the same year founded Medici Ventures, its wholly
owned subsidiary dedicated to the development and acceleration of
blockchain technologies to democratize capital, eliminate
middlemen, and re-humanize commerce. Overstock regularly posts
information about the Company and other related matters on the
Newsroom and Investor Relations pages of its website,
Overstock.com.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered
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, including but not limited to
statements regarding Overstock’s expectations regarding GrainChain.
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 September 30, 2019, which was filed with
the SEC on November 12, 2019, and any subsequent
filings with the SEC.
SOURCE: Overstock.com, Inc.
Media Contact:pr@overstock.com
Investor Contact:ir@overstock.com
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