Medici Ventures Makes Additional $8 Million Equity Purchase in Bitt
October 28 2020 - 9:00AM
Medici Ventures, the wholly owned blockchain-focused subsidiary of
Overstock.com, Inc. (NASDAQ:OSTK), today announced an $8 million
equity purchase in Bitt, its Barbados-based keiretsu company. The
additional equity will enable Bitt to pursue market opportunities
that accelerate the adoption of digital currencies in developing
countries. This transaction gives Medici Ventures a controlling
interest in Bitt.
Bitt was founded in 2013 to provide infrastructure to support a
digital financial ecosystem throughout the Caribbean, stimulating
economic growth and financial access for this and future
generations. Bitt's financial software and mobile application
platform utilize blockchain and distributed ledger technology to
facilitate secure peer-to-peer transactions.
“We are strong believers in what Bitt is doing, and remain
committed to supporting its forward-thinking vision, which aligns
with Medici Ventures’ mission of democratizing capital, eliminating
middlemen, and re-humanizing commerce,” said Overstock CEO and
Medici Ventures President Jonathan Johnson. “Bitt’s pioneering work
in the central bank digital currency space promotes social
inclusion, financial empowerment, and economic growth. It is the
perfect use case for blockchain technology to fundamentally change
the way in which we transact, and fundamentally change how
societies function.”
Medici Ventures first purchased $4 million of equity in Bitt in
early 2016, followed by an additional $3 million equity purchase in
2018. With a controlling interest in Bitt, Medici Ventures is able
to provide further support in the company’s mission of accelerating
the adoption of central bank digital currencies. Bitt’s presence
will remain in Barbados and its president, Brian Popelka, will
assume the role of Chief Executive Officer.
“Medici Ventures has been an ideal partner for Bitt, providing
us with strong support and consistently believing in the mission of
the company. This equity purchase will allow Bitt to continue to
innovate and expand in the digital currency space, as global
adoption of central bank digital currencies continues to garner
global interest,” said Bitt CEO Brian Popelka. “Our goal is to
empower those who have been disenfranchised by the financial system
by providing improved payment options, which is especially
important as we navigate through a global pandemic.”
In March of 2019, Bitt signed a contract with the Eastern
Caribbean Central Bank (ECCB) to pilot a securely minted and issued
digital version of the Eastern Caribbean (EC) dollar, which will be
distributed and utilized by financial institutions throughout the
Eastern Caribbean Currency Union’s (ECCU) member countries. Digital
EC dollars will facilitate peer-to-peer transactions between
merchants and consumers using smartphone applications, improving
the ability to do business in the Eastern Caribbean. The pilot aims
to promote greater financial sector stability and reduce the amount
of physical cash usage with that currency union.
Click here to learn more about Bitt’s trailblazing work in the
Caribbean.
About BittBitt was founded in 2013 to provide
infrastructure to support a digital financial ecosystem throughout
the Caribbean, stimulating economic growth and financial access for
this and future generations. Bitt is a portfolio company of Medici
Ventures, Overstock.com’s wholly owned blockchain subsidiary
founded in 2014 to apply blockchain technology to existing markets
to democratize capital, eliminate middlemen and re-humanize
commerce.
About Medici VenturesLaunched 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 OverstockOverstock.com, Inc Common
Stock (NASDAQ:OSTK) / Series A-1 Preferred Stock (tZERO ATS:OSTKO)
/ Series B Preferred Stock (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 tens of millions of 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 on its website, Overstock.com.
O, Overstock.com, O.com, Club O, 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.
Cautionary Note Regarding Forward-Looking
StatementsThis 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 for Bitt as well
as Overstock’s expectations regarding the adoption of digital
currencies in developing countries. 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 Annual Report on Form 10-K for the fiscal
year ended December 31, 2019, which was filed with the SEC on March
13, 2020, in our Form 10-Q for the quarter ended March 31, 2020,
which was filed with the SEC on May 7, 2020, in our Form 10-Q for
the quarter ended June 30, 2020, which was filed with the SEC on
August 6, 2020, and in our subsequent filings with the SEC.
ContactsInvestor Relations:Alexis
Callahan801-947-5126ir@overstock.com |
Media:Overstock Media Relations801-947-3564pr@overstock.com |
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