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Overstock Surges 23% on News it Will Sell Retail Business, Launch tZero Crypto
Overstock CEO Patrick Byrne is so certain about blockchain technology that he's planning to sell Overstock's retail business to Launch tZero.
Byrne announced tZero in 2015 and it has been losing money ever since, along with everything else Overstock does.
Overstock has invested $175 million in a fully owned unit called Medici Ventures Inc. that houses tZero and a collection of startups developing new uses for blockchain technology a method of recording, sharing and securing data over public computer networks that underpins bitcoin and other cryptocurrencies.
One startup is working with the Rwandan government to develop a digital property-rights platform. Another, Voatz, ran a blockchain-based pilot with West Virginia that allowed military personnel serving overseas to cast their votes in the midterm elections through a smartphone app.