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Overstock Blockchain subsidiary acquires stake in Blockchain banking platform

According to a March 11 press release, retail giant Medicers Ventures, a subsidiary of Inc., acquired a stake in the banking platform of the Bankorus blockchain.

Medici Ventures has acquired a 5.1% stake in Bankorus , a blockchain banking platform that allows individuals and institutions to buy, sell, lend and store digital assets. Jonathan Johnson, president of Medici Ventures, said that

“Adding Bankorus to the Medici Ventures portfolio will contribute to our work to create a blockchain-based technology for society.”

Financial details of the acquisition were not expected.

Medici Ventures actively invests in blockchain projects. Last December, the firm acquired $ 2.5 million, or 10 percent, in the capital of the agricultural project GrainChain, a blockchain-based system that allows participants in the supply chain to track the crop distribution process. The acquisition is expected to allow GrainChain to expand its market share in Central and South America.

Recently, Bitt, a portfolio company Medici, has become a partner of the Central Bank of the Eastern Caribbean (ECCB) for piloting the central bank’s digital currency, which will be used in the Eastern Caribbean Monetary Union (ECCU) and is intended to be distributed by licensed financial institutions. Institutions and non-bank financial institutions in VKKU. The pilot blockchain aims to provide greater stability in the financial sector, reduce the use of funds at the ECCU and promote economic growth in the Caribbean.

Last month, Overstock founder Patrick Byrne said that the blockchain could make the government "super-efficient and unable to bribe", noting that government services had reached a turning point for a fundamental change in their structure, and the blockchain technology would be the best solution .

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