Overstock has been delving into the blockchain and crypto world in a major way lately with its blockchain arm, Medici Ventures. When it’s not busy teaming up with governments from around the globe and local councils, it’s busy forming new partnerships. In the latest journey for the company, it has acquired a strategic 5.1% stake in the popular blockchain banking platform, Bankorus. Founded in 2017 and with offices in Europe and China, Bankourus will help Medici Ventures widen its vast array of products and solutions for its clients.
More Solutions for Clients
Medici Ventures has created a name for itself as the foremost blockchain application development firm, with a penchant for land registries. So far it has teamed up with Teton County in Wyoming and the municipality of Tulum in Quintana Roo, Mexico to provide land registry solutions. Both implementations are designed to remove conflict over land and make the transfer of land between parties easier than ever before. By buying a stake in a blockchain based banking platform, it will then be able to team up with private banking institutions to help renovate the banking scene.
In a press release, Jonathan Johnson – Medici Ventures President – said,
The addition of Bankorus to Medici Ventures’ portfolio of companies will further our work in building the foundation of a blockchain-based technology stack for society. Bankorus has built a revolutionary blockchain banking platform that dovetails nicely with Medici Ventures’ goals of eliminating middlemen, democratizing capital, and rehumanizing commerce by helping individuals access and control their own digital assets.
Digital Asset Space is Heating Up
Numerous platforms are looking to make the acquisition, storage, and use of digital assets easier than ever, and blockchain technology is quickly becoming the go-to solution. Whether companies are looking to revolutionize the banking industry, tokenize stocks and trade them, or simply allow you to put your land deeds somewhere secure, blockchain is answering the call of duty. As more firms look to use this new technology to revitalize an old and dusty landscape, Medici Ventures is getting ahead of the game with a market leading range of products.
This new acquisition puts Medici Ventures at the very forefront of the blockchain revolution, and without a doubt we will see more companies and government agencies teaming up with it in the coming months. Overstock has gone all out crypto and was even the first American company to pay its taxes in crypto – a clear sign for its intentions.