Overstock.com to Pay Ohio State Business Taxes in Bitcoin Using OhioCrypto.com
January 03 2019 - 9:00AM
Leading online retailer and blockchain technology pioneer
Overstock.com, Inc. (NASDAQ:OSTK) announced today that it will
become the first major U.S. company to pay a portion of its Ohio
state business taxes in bitcoin using the state’s new
cryptocurrency taxpayer platform, OhioCrypto.com.
Overstock plans to pay its commercial activity taxes (CAT) in
Ohio this February using the recently-launched OhioCrypto.com
platform, which allows taxpayers to pay state business taxes with
bitcoin. Ohio is the first U.S. state to offer a cryptocurrency
payment system for state business taxes.
“We have long thought that thoughtful governmental adoption of
emerging technologies such as cryptocurrencies (when accompanied by
non-restrictive legislation over these technologies) is the best
way to ensure the U.S. does not lose our place at the forefront of
the ever-advancing global economy,” said Overstock CEO and founder
Patrick M. Byrne. “We are proud to partner with forward-thinking
governments and officials like Ohio and Treasurer Mandel to help
usher in an era of trust through technology for our nation’s
essential financial systems.” “We applaud
Overstock for becoming the first national brand in America to
register to pay taxes via cryptocurrency. Their embrace of
blockchain technology was ahead of its time and we’re proud to have
them join OhioCrypto.com,” said Ohio Treasurer Josh Mandel.
Overstock became the first major retailer to accept
cryptocurrencies for purchases on its website in 2014. That same
year, the company also founded Medici Ventures, its wholly-owned
blockchain subsidiary focused on applying blockchain technologies
to existing industries to eliminate middlemen, democratize capital,
and rehumanize commerce.
Today, Medici Ventures oversees a global portfolio of 19
companies building trust systems that utilize blockchain and other
related technologies instead of frictional middlemen within
industries such as capital markets, money and banking, identity,
property, voting, and supply chain.
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. 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. 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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