Overstock leaning into blockchain and cryptocurrencies
Online retailer Overstock.com is "going all in on blockchain and cryptocurrencies," CNN reports.
The details: The goal is to jump-start growth by "investing heavily in blockchain technology," per CNN. Overstock.com CEO Patrick Byrne said in a letter to shareholders that the company thinks "shareholders are better served now by a cash-conservative strategy," and can "focus on developing more non-traditional means of growth and profitability."
A private equity firm in Hong Kong, GSR Capital, announced an investment in Overstock.com of almost $375 million on Friday; $270 million of that will be for tZero, an initial coin offering (ICO) the company plans to launch.
- The Securities and Exchange Commission is investigating the ICO, which Overstock.com says it is cooperating with.
- GSR also intends to purchase "$30 million in tZero security tokens, a form of crypto investments."