Aug 11, 2018

Overstock leaning into blockchain and cryptocurrencies

Haley Britzky

A bitcoin coin. — Photo: Ina Fassbender/picture alliance via Getty Images

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."

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Overstock leaning into blockchain and cryptocurrencies

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