Overstock received $ 100 million from the Soros Foundation for investment in blockchain development

Overstock received $ 100 million from the Soros Foundation for investment in blockchain development

According to a company statement to the Commission on securities and exchange Commission (SEC) filed this week, one of the holders of warrants to purchase used its right and purchased shares worth $ 100 million.

The statement does not specify that it is for the investor, but CEO Patrick Byrne said that it was the Quantum Fund, managed by billionaire George Soros.

Byrne said that $ 20 million would be allocated to DeSoto Inc., joint with economist Hernando De Soto specializing in the protection of copyright with the use of blockchain technology .

As for the other $ 80 million, Byrne said that he intends to invest in the flagship project of the company – Overstock (which, incidentally, accepts bitcoin for payment) and other enterprises in the field of blockchain, which are part of the company Medici Ventures.

Perhaps the time has come when we cease to consider Overstock as two separate businesses. Our trading platform has served 40 million people in the last month. How we develop our blockchain application eventually requires close integration with our users.

Having a retail business, we can create a corridor between the two universes, the universe of the ordinary world and the universe cryptography.

Byrne also said that the Quantum of investment will not be used to purchase any tokens, including those issued under the ICO tZERO in December.

However, the Overstock itself gets tokens tZERO worth 30 million, together with other funds.

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