Global Blockchain Accelerator Medici Ventures Announces Strategic Agreement with Vital Chain
March 11 2020 - 4:00PM
Medici Ventures, the wholly owned blockchain accelerator of
Overstock.com, Inc. (NASDAQ:OSTK), has entered into a strategic
agreement with Vital Chain, a Cleveland-based startup focused on
digitizing birth and death certificates. Under the terms of the
agreement, Medici Ventures will provide development and design
services to Vital Chain in exchange for a minority equity stake in
the company.
The current process for creating an initial record of birth or
death, ensuring validity, storing records, and issuing regenerated
valid certificates is fragmented and inefficient. Vital Chain’s
innovative birth and death certificate solution utilizes blockchain
technology to reduce reliance on legacy paper-based systems and
allows for the digital issuance and management of vital records.
The Vital Chain solution will integrate with partners across the
vital record ecosystems, including health systems and government
entities, helping them to increase efficiency, save time, and
reduce associated handling costs.
“Medici Ventures’ keiretsu is committed to accelerating the
adoption of blockchain technology, and Vital Chain is a meaningful
addition to our identity pillar,” said Jonathan Johnson, CEO of
Overstock and president of Medici Ventures. “The digitization of
vital records enables efficient and secure birth registry and death
certification processes while enabling easier benefits management
and other use of those records.”
“Medici Ventures brings a wealth of knowledge and experience in
helping companies like us to build meaningful technology in the
identity realm. To have Medici, as the leader in the space,
take an ownership stake in our company and involve us in their
keiretsu is a great honor. We look forward to building our
position in the market and bringing digital vital records to people
everywhere,” said Shane Bigelow, CEO of Vital Chain.
Medici Ventures, Overstock.com’s wholly owned blockchain
accelerator, was founded in 2014 with a mission to change the world
by accelerating the adoption of blockchain technology, in order to
fundamentally change the way in which we transact. Medici Ventures’
keiretsu of companies are introducing blockchain technologies to
industries such as identity, land governance, money and banking,
capital markets, supply chain, and voting. Medici is also committed
to increasing public awareness and understanding of the use cases
for and corresponding value of blockchain technology, and does so
through public engagement and policymaker outreach.
About Vital Chain
Launched in late 2018, Vital Chain – www.vitalchain.com -
digitizes birth and death certificates, as well as the process to
acquire and maintain them. In doing so, every person can
begin to have their vital records accessible in digital form.
Further, the ecosystem that regularly acquires or uses these vital
records has a cheaper, more efficient, and better validated digital
document on which they can transact. Blockchain is at the
heart of how Vital Chain achieves these outcomes. Vital Chain
is majority owned by Ownum, LLC – www.ownum.io 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 OverstockOverstock.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 home 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 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, 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
statements regarding Overstock’s expectations regarding Vital
Chain. 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, 2019, which was filed with
the SEC on November 12, 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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