Aug 11, 2018

Overstock leaning into blockchain and cryptocurrencies

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."

Go deeper

There are warning signs that Nevada could be Iowa all over again

Former Sen. Harry Reid (D) lines up to cast an early vote for the upcoming Nevada Democratic presidential caucus. Photo: Ethan Miller/Getty Images

The alarms are increasingly sounding over Nevada's Democratic caucus, which is just five days away.

Why it matters: Similar issues to the ones that plagued Iowa's caucus seem to be rearing their ugly heads, the WashPost reports.

China tries to contain coronavirus, as Apple warns of earnings impact

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's NHC; Note: China refers to mainland China and the Diamond Princess is the cruise ship offshore Yokohama, Japan. Map: Danielle Alberti/Axios

As China pushes to contain the spread of the novel coronavirus — placing around 780 million people under travel restrictions, per CNN — the economic repercussions continue to be felt globally as companies like Apple warn of the impact from the lack of manufacturing and consumer demand in China.

The big picture: COVID-19 has now killed at least 1,775 people and infected more than 70,000 others, mostly in mainland China. There are some signs that new cases are growing at a slower rate now, although the World Health Organization said Monday it's "too early to tell" if this will continue.

Go deeperArrowUpdated 4 hours ago - Health

Apple will miss quarterly earnings estimates due to coronavirus

Apple CEO Tim Cook

Apple issued a rare earnings warning on Monday, saying it would not meet quarterly revenue expectations due to the impact of the coronavirus, which will limit iPhone production and limit product demand in China.

Why it matters: Lots of companies rely on China for production, but unlike most U.S. tech companies, Apple also gets a significant chunk of its revenue from sales in China.