Overstock.com, Inc. (NASDAQ:OSTK) announced that Medici Land
Governance (MLG), its blockchain subsidiary focused on land
administration, has signed a Memorandum of Understanding (MOU) with
the Government of St. Kitts and Nevis to develop a cadaster system
incorporating high-resolution aerial imagery of St. Kitts’ parcels
to be integrated into their current land administration system. A
cadaster is a visual representation of land and other real property
showing the location and extent of property often with imagery and
diagrams.
“This is another auspicious achievement as Medici Ventures
advances its innovative mission to build a foundation of blockchain
technology with an empowering impact on the daily life, business,
governance, and economy of nations. This agreement between St.
Kitts and MLG is in addition to the precedent-setting agreement our
blockchain-meets-central banking company Bitt signed earlier with
the Eastern Caribbean Central Bank, also headquartered in St.
Kitts,” said Jonathan Johnson, CEO of Overstock and president of
Medici Ventures. “Our technology stack for civilization is getting
traction in this forward-looking country.”
As part of the larger group of 18 keiretsu companies under
Medici Ventures, MLG’s expertise in blockchain-based land
administration incorporates numerous specialized technologies. For
this project, MLG will capture and incorporate high-resolution
aerial imagery into a cadaster system that St. Kitts can integrate
with its land administration system. This will significantly aid in
estimating property and building size and value, and by taking into
account St. Kitts’ valuation and assessment policies, the
government can derive more accurate information for taxation and
land-related revenue generation.
“MLG is delighted to play a substantial role in St. Kitts’
significant undertaking of institutionalizing a true 21st century
land administration system,” said Ali El Husseini, PhD, CEO of
Medici Land Governance. “This project is an excellent opportunity
for MLG to demonstrate the technological expertise of a major
component of its services and products for high-tech land
information and management systems, which can empower the economic
potential individually and collectively in many countries.”
With this project, MLG continues to expand its global presence
with ongoing projects in Zambia, Rwanda, Liberia and Mexico.
Earlier this year, MLG completed a project in Wyoming’s Teton
County, making it the first county in the U.S. to record land
information (including warranty deeds, mortgages, release of liens,
and other similar documents), on a blockchain platform.
Medici Land Governance was founded in 2018 to put the power of
property ownership and equity into the hands of individuals by
applying blockchain and other technologies to provide low-cost,
easy-to-use land administration systems. MLG is a subsidiary of
Medici Ventures, Overstock.com’s wholly-owned blockchain
accelerator. Medici Ventures’ mission is to introduce blockchain
technology to existing markets to democratize capital, eliminate
middlemen, and re-humanize commerce.
Today, Medici Ventures oversees a
global keiretsu of companies building the
foundation of a technology stack for civilization based on trust
systems that utilize blockchain and other related technologies
instead of rent-seeking middlemen. Medici Ventures’ network of
companies are introducing blockchain technologies to industries
such as identity, land governance, money and banking, capital
markets, supply chain, and voting.
About Medici Land Governance
Medici Land Governance leverages blockchain and other
technologies to support land governance, titling, and
administration with a secure public record of land ownership. With
land records stored on the blockchain, land ownership is
standardized and can be recognized by local and global economies.
Blockchain applied to land improves lives, stimulates economies,
and strengthens communities. Medici Land Governance supports
agencies in the digitization of their current records, engendering
trust and security in data by diminishing human error and
accidental damage to records.
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.com
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 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 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.
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 our
expectations regarding Medici Land Governance. 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, 2019, which was filed with the SEC on August 8, 2019, and any
subsequent filings with the SEC.
SOURCE: Overstock.com, Inc.
Media
Contact:pr@overstock.compr@mediciland.com Investor
Contact:ir@overstock.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b261950c-e90f-4972-b037-078ecf99e9cd
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