Don’t let last week’s departure of Overstock CEO, Patrick Byrne, fool you: the online discount giant is still long on cryptocurrencies and the promise of blockchain technology.
If you don’t already know, Patrick Byrne is a vocal supporter of security tokens. In fact, Overstock.com has been actively investing in the industry, with its subsidiaries involved in various crypto-projects. The tZERO platform, for example, went live this year to much acclaim and recently was opened to retail investors.
However, despite the company’s long-term focus on cryptocurrencies, many are still nervous: will Byrne’s departure change things? By all accounts, it seems like not.
The company’s new interim boss, Jonathan Johnson, told reporters that the current blockchain focus stays.
“The fact that I am stepping into the CEO role means more of the same and more of the same focus for our blockchain business…”
Lest we forget, Overstock was one of the most prominent companies which accepted BTC 5 years ago. The company is still 100% behind its security token trading platform, tZERO, and that the next priority is bringing in more quality tokens for trading. Medici Ventures will also be expanding its network of crypto-based investments. It currently has a portfolio of 18 companies specializing in blockchain.
However, in the short-term, Johnson said that Overstock will be focusing on expanding its accepted cryptocurrencies for its retail division.
“I would love to see Overstock accepting ravencoin, I just think that would be great. My view is any kind of widely accepted cryptocurrency, Overstock should be accepting,”
So, it seems that Overstock is still betting big on blockchain despite Byrne’s departure.
Do you believe Overstock will continue to be a major force in the blockchain world? Let us know your thoughts in the comments below.
Image courtesy of Washington Post.