Final week’s departure of Overstock CEO, Patrick Byrne, is unlikely to change the web low cost retailer’s ambitions in the direction of crypto and blockchain. The libertarian made Overstock one of many first retailers ever to simply accept bitcoin method again in 2014, making it a pioneer within the business.
No Change of Tack by New CEO
Overstock’s new interim boss, Jonathan Johnson, stated that he has no plans to vary the present mannequin and was ‘all in’ on blockchain. Johnson instructed Coindesk:
“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,”
Because it first accepted BTC over 5 years in the past, courtesy Patrick Byrne, there have been quite a few developments for the agency which now has two divisions; Overstock.com Retail, and Medici Ventures which is the blockchain arm. In keeping with Forbes, the blockchain subsidiary has quite a few small ventures below its wing labeled as a ‘Keiretsu’, a Japanese time period which describes corporations with overlapping pursuits.
Medici Ventures has plans to increase this community of blockchain and crypto-focused companies. It at the moment has 18 portfolio corporations working collectively on varied blockchain initiatives. Nevertheless, the expansion won’t be as speedy because the previous three years in keeping with the brand new CEO who added that he wish to see extra crypto property accepted by the 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,”
Ravencoin is at the moment ranked at 40 when it comes to the market cap so is hardly one of many prime altcoins. It has been as lackluster as the remainder of them this yr, dumping over 50% since early June.
When requested concerning the safety token buying and selling platform, tZero, Johnson added that he was absolutely behind the project. He continued stating that bringing in high quality tokens could be a precedence for the platform somewhat than saying a timeline.
He additionally talked about two different blockchain subsidiaries within the Keiretsu, Bitt, and Voatz, a voting platform about which he added;
“Someday in the not too distant future everyone’s voting on mobile phones on a blockchain app and we’ll wonder ‘How did we do it the old way?’”
The message to date has been fairly clear, there will likely be no main change in route from the retail pioneer and a higher concentrate on blockchain and crypto which will likely be bullish for the broader business.
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The publish Patrick Byrne Departs, However Overstock’s Nonetheless Lengthy On Crypto appeared first on Bitcoinist.com.
