Medici Ventures, the wholly owned blockchain accelerator of
Overstock.com, Inc. (NASDAQ:OSTK), announces that two of its
keiretsu companies, GrainChain and Symbiont, are working together
to expand GrainChain’s global operations through the use of
Symbiont’s blockchain solution. GrainChain, a blockchain-powered
agritech company, is utilizing Symbiont’s Assembly™ enterprise
blockchain network to improve platform performance and privacy
features. Assembly™ has allowed GrainChain to significantly
increase the number of farmers, buyers, and grain elevators using
its products.
“Medici Ventures encourages its keiretsu companies to find
synergies among the group to build world-changing technologies.
We’re pleased to see these two keiretsu companies working together
to build meaningful technology that benefits everyone in the global
agricultural community,” said Jonathan Johnson, CEO of
Overstock.com and president of Medici Ventures. “GrainChain and
Symbiont’s goals align directly with ours, as the companies are
working to eliminate middlemen, democratize capital, and
re-humanize commerce through the use of blockchain technology.”
GrainChain’s innovative platform allows for quicker payments
between farmers and buyers while offering immediate availability of
tradable commodities. GrainChain currently has operations in Texas,
Mexico, and Honduras, with plans to expand to several new countries
in 2020.
Symbiont is an enterprise fintech company building the next
generation of financial markets infrastructure on a foundation of
blockchain technology. Symbiont’s Assembly™ blockchain platform
provides privacy features and seamless scalability and allows its
customers to build networks where numerous, independent entities
may view and share data in real time.
“GrainChain’s goal is to continue to grow into new countries to
help support farmers around the globe, and Symbiont’s blockchain
platform is the solution that will help us reach that goal,” said
Luis Macias, CEO and founder of GrainChain. “By utilizing
blockchain technology in our supply chain operations, each
stakeholder in the agriculture ecosystem receives fair value and
prompt payment, which is something we believe every buyer and
farmer should have access to.”
“Assembly™ will bring efficiencies to GrainChain’s operations
while allowing the company to continue to empower farmers around
the globe,” said Mark Smith, Symbiont CEO. “GrainChain’s work in
reducing frictional costs for both farmers and buyers helps
everyone in the ecosystem, and Symbiont is pleased to support
GrainChain’s expansion to bring this important technology to the
global agricultural community.”
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 Ventures is also
committed to increasing public awareness and understanding of the
use cases for and corresponding value of blockchain technology
through public engagement and policymaker outreach.
About GrainChain GrainChain was founded in 2013
with the goal of using technology to empower farmers and level the
playing field in the global agricultural market. Our innovative,
blockchain and IoT-based suite of products allows producers, buyers
and storage operators to accurately, efficiently and reliably buy,
sell and track commodities throughout the supply chain, from farm
to market.
About Symbiont Symbiont is the enterprise
fintech company creating the next generation of financial markets
infrastructure using blockchain technology. Assembly™, Symbiont’s
enterprise blockchain platform, creates efficiencies, eliminates
manual data replication and reconciliation processes, and enables
real-time data sharing with complete privacy. The world’s leading
financial services firms, including Citi, Nasdaq, Ranieri, Templum
and Vanguard, choose to work with Symbiont to solve their toughest
business problems. With offices in New York and Amsterdam, Symbiont
is led by a team of experts in capital markets and blockchain
technology. To learn more about Symbiont, please visit symbiont.io
or contact the team at info@symbiont.io.
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
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 Symbiont
and GrainChain. 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 December 31, 2019, which was filed with
the SEC on March 13, 2020, 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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