The Overstock’s blockchain subsidiary (NASDAQ:OSTK), Medici Ventures has bought a 51% stake in Bankorus. This announcement is according to a release posted by the firm. Apparently the terms of the deal were not disclosed.
Founded in 2017, Bankorus is a blockchain banking platform for individuals as well as institutions, which enables users to securely buy, sell, store and lend digital assets. The platform has offices in China and Europe and aims to unlock and move into crypto, over $60 trillion in traditional assets held by high net worth individuals.
According to Jonathan Johnson, the president of Medici ventures, “Bankorus has built a revolutionary blockchain banking platform that dovetails nicely with Medici Ventures’ goals of eliminating middlemen, democratizing capital, and re-humanizing commerce by helping individuals access and control their own digital assets.” Jonathan believes that ‘’the addition of Bankorus to Medici Ventures’ portfolio of companies will further their work in building the foundation of a blockchain-based technology stack for society.’’
It is quite clear that the blockchain technology has brought about positive changes in industries across the globe. Organizations, financial institutions, as well as payment platforms have all been geared into a new digital era, all thanks to this open-source, distributed ledger. With mergers such as this, both crypto and blockchain will see a major increase in mass adoption.
About Medici Ventures
Based in the United States, Medici Ventures specializes in investments in blockchain technologies. The platform focuses on capital markets, identity, property, supply chain, voting, as well as money and banking. According to globenewswire.com, ‘’Medici Ventures was founded as a wholly-owned subsidiary of Overstock.com in 2014, and today oversees a global portfolio of companies applying blockchain technology to existing markets.’’ The platform has greatly evolved over the years.
Just recently this year, Medici Ventures announced that they were making changes to top their executives which are aimed towards increasing the revenue process for tZero. The Announcement came after the struck a deal which saw them acquire 67% stake with Bitsy Crypto Wallet.
Overstock was the first main retailer that made crypto payments an optional funding source for purchases from their website. The platform has scheduled its upcoming Q4 earnings call for the 18th of this month. The company has scheduled a conference call and webcast for the release.
Crypto is coming!