Medici Ventures, the wholly-owned blockchain subsidiary of
Overstock.com, Inc. (NASDAQ:OSTK), announces that its Belgium and
Dubai-based keiretsu company, SettleMint, has opened 2019 with
three major successes related to its leading blockchain enterprise
technology solution, Mint.
In January, SettleMint was selected as a recipient of the
Horizon 2020 SME Instrument Phase II Grant, amounting to €1.8
million. SettleMint was also chosen to deliver a Proof of Concept
for blockchain applications in securities services to Standard
Chartered, a “leading international bank focused on helping people
and companies prosper across Asia, Africa, and the Middle East.” In
April, SettleMint was awarded a €1.591 million Research &
Development grant from VLAIO to further develop its core
technology, the distributed middleware Mint.
“SettleMint was one of the first blockchain technology companies
to have products in production, rather than hyping promises and
potential,” said Medici Ventures President Jonathan Johnson. “It’s
no surprise SettleMint has started out 2019 by receiving
prestigious grants and by partnering with a global banking leader
on a meaningful proof of concept project. In Mint, SettleMint has
created a versatile toolbox that allows enterprise developers to
quickly build and integrate new blockchain-based apps and
functionalities in a matter of weeks, not years.”
Horizon 2020 SME Instrument Phase II Grant
SettleMint was chosen to receive over €1.8 million as part of
the Horizon 2020 SME Instrument Phase II Grant, as announced by the
company on January 15, 2019. The company was chosen for the
prestigious grant based in part on its revolutionary blockchain
enterprise technology software product, Mint.
Mint is a middleware that allows companies to overcome the
current shortage of blockchain developers by enabling enterprise
developers to work in the language they are used to while
integrating blockchain technologies into existing tech stacks. The
software allows for the development of blockchain technologies
within industries such as financial services, retail, capital
markets, banking, and more, at a fraction of the time and at
considerably lower cost.
The Horizon 2020 SME Instrument Phase II Grant will support
SettleMint in accelerating the commercialization of Mint in Europe
and the Middle East, as well as the company’s expansion into at
least two new markets in 2019.
“We are thrilled to receive the support of the European
Commission to further accelerate growth in our core markets. In
combination with our ongoing series A round, the grant provides an
even stronger foundation for our continued growth,” said Matthew
Van Niekerk, CEO and co-founder of SettleMint.
SettleMint was one of only two blockchain-based companies chosen
from the pool of applicants during a selective screening process
that included hundreds of top European technology companies.
Standard Chartered Proof of Concept
Standard Chartered, with its APAC operations headquartered in
Singapore, has awarded SettleMint a Proof of Concept to test the
company’s blockchain enterprise technology solution, ‘Mint,’ for
production readiness ahead of a potential full-production rollout
as announced by the company on January 15, 2019.
As part of the proof of concept, Mint will be used by Standard
Chartered to tokenize several types of securities, communicate with
digital asset exchanges and execute transactions for these assets
using smart contracts. Mint, which is designed to be implemented
seamlessly into enterprise systems in any market, drastically
shortens client transaction cycles by allowing for transactions to
be settled in seconds rather than in days.
A number of Mint’s proprietary technologies will be utilized to
fulfil the Proof of Concept’s requirements, including ‘TokenMint’
for asset tokenization, ‘Marketplaces’ for the trading engine, and
its native second layer scaling solution for near instantaneous
settlement of transactions.
VLAIO Grant
VLAIO, the Flanders organization for Innovation and
Entrepreneurship, awarded SettleMint a €1.591 million Research
& Development grant. The grant will be used to further the
development of Mint, SettleMint’s core technology enabling any
company to quickly integrate blockchain technology into existing
applications.
Mint is designed to allow non-blockchain experts to rapidly
create and implement reliable and intelligible blockchain-based
applications throughout business domains, enabling them to become
accountable blockchain developers.
About SettleMint SettleMint is a leading
supplier of Blockchain middleware solutions. Headquartered in
Leuven, Belgium, with offices in Dubai and soon Singapore,
SettleMint is a fast-growing company with clients worldwide.
SettleMint licenses a suite of blockchain based solutions which can
be customised to meet the needs of specific client use cases. Its
core product, Mint, is a blockchain agnostic middleware solution
supporting the most stable blockchain technologies, thereby
minimizing risk for obsolescence and vendor lock-in for clients.
Mint enables clients to deploy blockchain technologies in a matter
of days or weeks instead of months or years. Using the API layer of
Mint, clients are able to program in their native language,
bypassing the need to become an expert in blockchain protocols.
SettleMint makes it easy to integrate blockchain technologies.
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 March 31, 2019, which was
filed with the SEC on May 9, 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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