Global Blockchain Incubator Medici Ventures Announces $2 Million Purchase in Evernym’s Simple Agreement for Future Equity
September 26 2019 - 9:00AM
Medici Ventures, Overstock.com, Inc.’s (NASDAQ:OSTK) wholly-owned
blockchain subsidiary, participated in Evernym’s recent Simple
Agreement for Future Equity (SAFE), which entitles Medici Ventures
to convert its interest in the SAFE to preferred stock in Evernym’s
future, priced round of equity financing. Evernym is an identity
company using blockchain technology to facilitate the development
of self-sovereign identity networks.
Evernym closed its SAFE on September 4, 2019, in which Medici
Ventures allocated $2 million to help the company continue to bring
blockchain-based identity products into production. Evernym uses
blockchain technology to return control of identity sharing to the
individual. It ensures identity information cannot be altered,
creating a decentralized ecosystem of digital credentials that is
even more trustworthy than the physical credentials carried in
individuals’ wallets.
“Evernym is bridging the gap between the siloed approach to
identity and true self-sovereign identity,” said Jonathan Johnson,
Overstock.com CEO and president of Medici Ventures. “Evernym’s
platform allows every person, organization, and connected thing to
have an independent identity. Evernym fills out Medici Ventures’
identity pillar within our keiretsu and will help advance our
government-as-a-service technology stack for civilization.”
“Evernym’s strong technical team is building a set of services
to eliminate identity theft and consumer fraud,” said Joel Weight,
Chief Operating Officer of Medici Ventures. “Its decentralized,
self-sovereign identity applications enable trusted interactions at
scale without centralized intermediaries. This approach is squarely
aligned with Medici Ventures’ vision of bringing individuals trust
through technology.”
“We are proud to partner with Medici Ventures to help us
continue to bring our products into production,” said Steve Havas,
president of Evernym. “Evernym looks forward to benefitting from
the years of experience Medici Ventures has in the
blockchain-meets-identity space as we develop self-sovereign
identity software applications that give individuals control over
the management of their digital identity.”
Medici Ventures is Overstock.com’s wholly-owned blockchain
accelerator, focused on advancing blockchain technology in 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
technologies in industries such as identity, land governance, money
and banking, capital markets, supply chain, and voting.
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 Evernym
A market leader in Self-Sovereign Identity, Evernym develops
software and applications to help organizations around the world
build trusted, digital relationships. Evernym is the original
creator of Hyperledger Indy, the Sovrin Network and the Sovrin
Foundation. The company was founded in 2013 and is based out of
Salt Lake City, Utah. To learn more, visit www.evernym.com.
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 our expectations regarding
Evernym. 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.com
Investor Contact:ir@overstock.com
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