Medici Ventures, a subsidiary of Overstock.com, has just acquired a 29 percent stake in Chainstone Labs through a $3.6 million security token transfer. The digital security was issued on the Ravencoin blockchain.
Overstock.com has been in the crypto news quite a bit recently over their involvement in the security token industry. Recently, the CEO of Overstock, Patrick Byrne, announced that he was going “all in” on security tokens. tZERO, an Overstock subsidiary, also recently began distributing its security token and expanding their tokenized assets into precious metals.
Now, another subsidiary owned by Overstock, Medici Ventures, has made a further crucial step for the mega-company’s move into the security token world. Medici Ventures has announced that they have completed a security token transfer valued at $3.6 million for 29% equity ownership in Chainstone Labs.
Chainstone Labs is a company focused on the custodial and managerial aspects of the tokenized security space. Their CEO Bruce Fenton spoke on the announcement as being “only natural” because of their already-established focus on security tokens. Tokenizing their company’s equity was to be expected.
Done on the Ravencoin Blockchain
The multi-million dollar security token transfer was done on the Ravencoin blockchain. Ravencoin is an open-source, public blockchain whose main focus is to “help issue tokens and digital assets securely.”
Ravencoin has developed a reputation recently as being the “Ethereum of securities” and is well on its way to becoming one of the leader blockchain systems to issue and transfer compliant tokenized securities.
President of Medici Ventures, Jonathan Johnson, commented on the transfer as a great success. He writes:
“Chainstone Labs shares the same vision of Medici Ventures, which is blockchain is the future and using it to make transactions faster, more secure, and completely transparent will change the world.”
Although Chainstone Labs is just one example of tokenized equities being transferred on-chain, we can expect many other crypto-friendly companies to follow the trend if market conditions improve.
Will Ravencoin be one of the leading networks for security tokens? Is Overstock’s influence over the security token industry here to stay? Let us know in the comments below.
Image courtesy of Overstock.com and Medici Ventures.