Troubled on line retailer Overstock has invested $2 million USD in blockchain-based mostly identity firm Evernym by its crypto division, Medici Ventures.

Blockchain-Dependent Id Technologies

Evernym was established in Salt Lake City in 2013 and has developed a blockchain-primarily based technology that permits companies and governments to issue, take, and validate qualifications that work likewise to a digital passport. Its digital credential system, Verity, lets organizations to interact with clients although offering consumers handle more than their info. The know-how utilizes blockchain to create a decentralized ecosystem of electronic qualifications that is extra reputable than actual physical qualifications. Overstock’s financial investment will be utilised to assist Evernym scale its functions.

Evernym’s system makes it possible for each and every individual, corporation, and linked matter to have an unbiased identification. Evernym fills out Medici Ventures’ identity pillar in our keiretsu and will support advance our government-as-a-support technology stack for civilization,” mentioned not long ago appointed Overstock CEO Jonathan Johnson. The company manufactured the financial investment by way of its crypto ventures arm Medici Ventures, which participated in Evernym’s Uncomplicated Settlement for Upcoming Equity (Risk-free). Safe and sound will permit Overstock to change its investment decision into favored stock.

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Overstock in Turmoil

Overstock has been in turmoil in the latest weeks after the departure of enigmatic CEO and founder Patrick Byrne pursuing his admittance to a 3-yr relationship with Maria Butina, a convicted Russian spy at the moment serving 18 months in federal prison. Byrne has championed the company’s ventures into the entire world of crypto and had formerly stated that he needed Overstock to stop all its other functions and emphasis solely on crypto.

Last week, Byrne marketed his remaining 13% stake in Overstock, well worth $90 million USD, and reinvested the proceeds into cryptocurrency. The news arrived in the identical week that Byrne’s proposed strategies for a crypto dividend for Overstock buyers unraveled, forcing the organization to delay its payment. Byrne experienced designed a process whereby buyers would acquire their dividend in the variety of an obscure electronic safety, that could only be accessed via a Dinosaur Monetary Group account soon after a six-thirty day period keeping interval. The aim of this was to stop quick advertising in opposition to Overstock.

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