Miner.farm Crypto Currency Community Forum
Browse and post your favorite coin/crypto news, miner.farm and PiMP OS updates and announcements, mining guides, overclocking tips, and more...
- Configuring the rig: Help / Getting started videos
- How to fix problems: Troubleshooting guides
- How to mine different algos / setup wallets: Strategy guides
- Keys and Downloads: your Miner.farm account page
- Post your rig pics to the rig showcase so we can all check out your awesome builds!
- Please subscribe/like/follow us on social media
Overstock to Focus on DLT, Expects to Sell Retail Business by February
Major online retailer Overstock expects to finalize a deal to sell its retail operations by February. The Utah-based company is selling the business so it can solely focus on the cryptocurrency and distributed ledger technology (DLT) sector.
**Also Read: **Bitcoininfo.ru Wins Court Case Against Ban
Overstock Expects to Soon Sell Retail Business
According to The Wall Street Journal, the chief executive officer of Overstock, Patrick Byrne, has indicated that the company expects to soon finalize a deal pertaining to its retail business. In 2014, Overstock was reported to have become the first online retailer to accept bitcoin payments, through a partnership with Coinbase. Later recalling the move, Byrne stated: “We were the first. The largest company accepting Bitcoin then was an $800,000 a year restaurant diner in Western Australia. We stepped up and started taking it — we were $1.4 billion.”
Now the company appears to be going all-in on crypto, entirely devoting its energy to such ventures. “Being the guy who pedals along and makes $10 to $20 million a year wasn’t sustainable,” Byrne said, adding his belief that Medici Ventures, Overstock’s DLT venture, owns “maybe several multibillion-dollar properties.”
Overstock Bets Big on Tzero
Among the company’s major crypto ventures is Tzero, an upcoming securities token exchange owned by Medici Ventures. First unveiled in April 2015, Tzero is currently slated to launch during the first quarter of 2019, but it has already failed to meet several planned start dates. At launch, it will solely facilitate the trading of its own security token.
Tzero currently loses millions of dollars each month, but Byrne remains confident of the company’s decision to invest significant resources in the project. “I don’t care whether Tzero is losing $2 million a month,” he stated. “We think we’ve got cold fusion on the blockchain side.”
Medici Ventures has also made investments in Bitsy, Chainstone Labs and Ripio, among other crypto and DLT companies. But despite Byrne’s “multibillion dollar” predictions, the Overstock subsidiary posted a loss of $39 million for the first three quarters of 2018, and a $22 million loss for 2017.
Do you think that Overstock’s plan to sell its retail business and focus on crypto ventures will pay off? Share your thoughts in the comments section below.
Images courtesy of Shutterstock, tZero
The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.
The post Overstock to Focus on DLT, Expects to Sell Retail Business by February appeared first on Bitcoin News.
We promise to keep your email safe and never spam you.
© 2014-2020 Miner.farm | By Miners, For Miners | Portable Instant Mining Platform, LLC