Medici Ventures Completes $3.6 Million Securities Token Transfer Using Ravencoin Blockchain for Equity Purchase in Chainstone...
December 18 2018 - 3:32PM
Medici Ventures, the leading blockchain accelerator and subsidiary
of Overstock.com, Inc., has conducted a digital securities token
transfer representing its equity ownership in Portsmouth, New
Hampshire-based Chainstone Labs. The digital security was issued by
Chainstone Labs to Medici Ventures using the Ravencoin blockchain.
The transaction was broadcast in real-time to show the
simplicity of transferring equity using tokens as digital
securities. Ravencoin is an open-source, public blockchain built to
help users create and manage tokens and digital assets such as
securities.
A video of the transaction can be viewed here: LINK TO
VIDEO.
The Chainstone digital security token is one of the first equity
tokens issued using a public blockchain and is believed to be the
first major security token issued on the Ravencoin network.
Ravencoin was announced on October 31, 2017 and launched as a
network on January 3, 2018. Ravencoin has been able to support the
issuance of tokens since November 5, 2018. Medici Ventures is an
active supporter of Ravencoin, an open-source project dedicated to
the creation and peer-to-peer transfer of assets.
Chainstone Labs is a startup focused on digital securities and
decentralized asset management. The company, founded by CEO Bruce
Fenton, owns Atlantic Financial, a full-service investment firm and
the Satoshi Roundtable, a leading invitation-only gathering of
industry members.
“It is natural that since we focus on securities tokens that we
have a digital security for the equity in our own company. The ease
of moving digital securities has the potential to change the way
the global economy works. Medici Ventures has the operational
expertise to help us pursue this market,” said Fenton, who is also
on the board of both Medici Ventures and tZERO, another Medici
Ventures portfolio company. “Ravencoin is an ideal protocol and
chain to use for this security token. The aim of Ravencoin is to do
one thing and do it well: help users issue tokens and digital
assets securely. Tokens, particularly securities tokens, are a
promising area for blockchain technology.”
“Chainstone Labs shares the same vision of Medici Ventures:
blockchain is the future and using it to make transactions faster,
more secure, and completely transparent will change the world,”
said Jonathan Johnson, president of Medici Ventures. “Our mission
is to use blockchain to democratize capital, eliminate the
middleman, and re-humanize commerce. We believe our equity purchase
in Chainstone Labs is a huge step forward in that mission as
Chainstone will help change the landscape of the global
economy.”
Medici Ventures purchased a 29 percent stake in Chainstone Labs
for $3.6 million. This equity purchase was first disclosed in the
Q3 2018 earnings reporting of Medici Ventures’ parent company
Overstock.com, Inc. on November 9, 2018. The equity token is not
offered to the public.
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 and technology
company based in Salt Lake City, Utah. It’s leading e-commerce
website sells a broad range of new products at low prices,
including furniture, décor, rugs, bedding, home improvement,
jewelry, 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 developing and accelerating
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 on its website,
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 Chainstone Labs:
Chainstone Labs is a Portsmouth, NH-based stealth mode financial
technology company focused on digital securities. Chainstone Labs
owns Atlantic Financial, an investment and advisory company focused
on decentralized asset management. Chainstone Labs also owns the
Satoshi Roundtable, an invitation-only industry event.
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 September 30, 2018, which
was filed with the SEC on November 9, 2018, 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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