Categories: Bitcoin Business

Overstock Will Champion Crypto Despite Cheerleader Byrne’s Exit

Click here to view original web page at
Overstock will continue its crypto and blockchain-centric focus despite Patrick Byrne's exit. | Source: YouTube

By CCN Markets: Online retail giant Overstock remains committed to its crypto and blockchain ventures despite the shocking resignation of CEO Patrick Byrne, a longtime bitcoin bull.

Overstock's interim CEO Jonathan Johnson told Yahoo Finance the company will "absolutely" continue to focus on its fledgling blockchain business.

Bitcoin fan Patrick Byrne was a blockchain bull

Johnson made the assertions just hours after Bryne resigned amid backlash over his involvement in several FBI investigations concerning Russian femme fatale Maria Butina.

Within the crypto industry, Byrne was known for his devotion to crypto and blockchain.

As CCN reported, Byrne gushed that the blockchain revolution is "bigger than the Internet revolution" in terms of how it's going to revolutionize society.

Byrne has been pivoting from retail to blockchain since 2014. To this end, Overstock has invested in 19 blockchain companies.

‘Blockchain Revolution’ Is Bigger Than Anything We’ve Seen in History: Overstock CEO

Interim CEO is president of Overstock's blockchain unit

Jonathan Johnson, who has worked at Overstock since 2002, was its president from 2008 until 2013.

Johnson is currently president of Overstock's blockchain unit, Medici Ventures. Accordingly, he underscored that nothing will dilute Overstock's commitment to crypto and blockchain.

“Our team at Medici Ventures, which is the blockchain-focused business, is still working hard," Johnson said. "And those different companies in the Medici family are growing at a nice rate."

Talking #blockchain and @medici_ventures on the Hill today.

As CCN reported in October 2018, Medici Ventures invested $6 million in Minds, an open-source blockchain-based social network.

It's a decentralized alternative to Facebook, Twitter, and the Google-owned YouTube that promises strict user privacy and no censorship.

Overstock was first major e-commerce site to accept bitcoin

Overstock has been a trailblazer in its support of cryptocurrencies and blockchain — thanks in large part to its bitcoin bull former CEO Patrick Byrne.

In 2014, Overstock became the first major e-commerce site to accept bitcoin payments.

In January 2019, Overstock became the first major US company to announce plans to pay part of its 2019 Ohio state business taxes in bitcoin.

Overstock Will Be First Major Company to Pay State Taxes in Bitcoin

At one point, one of Overstock's blockchain subsidiaries — tZero — was worth more than the entire company, after Chinese private equity firm GSR Capital invested $270 million to buy a 15% stake in the security token exchange operator at a $1.5 billion valuation.

Overstock’s blockchain investments recently comprised a whopping 60% of the firm’s total value.

However, interim CEO Jonathan Johnson insists that Overstock's core retail business is not subordinate to its blockchain and crypto ventures.

“One side of the house isn’t going to get any more love than the other,” Johnson says. “I love both the retail business and the blockchain business.”

This article is protected by copyright laws and is owned by CCN Markets.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Everyone’s Worst Fears About EOS Are Proving True

The Takeaway: EOS is the world’s seventh-largest blockchain by market cap, with a value topping $3 billion since February 2019.… Read More

3 hours ago

Street Artist Makes $12,000 in Bitcoin Donations

A French street artist best known for painting lady liberty leading the yellow vests has stated he has received more… Read More

4 hours ago

Wave Financial Launches World-First Bitcoin Yield Fund: Wave BTC Income & Growth Digital Fund

LOS ANGELES, Sept. 19, 2019 /PRNewswire/ -- Wave Financial LLC (Wave), a leading asset management firm focused on digital assets,… Read More

4 hours ago

Nigerian man returns bitcoins worth $80,000

Keith Mali Chung returned Bitcoins worth $80,000 mistakenly transferred to him. A Nigerian man who found $80,000 dollar's worth of… Read More

4 hours ago

Bitcoin Surrenders Post Fed Rate Cut; Pullback Awaited

Bitcoin slipped below $10,000 on Thursday after the Federal Reserve cut benchmark lending rates by 25 basis points.The BTC/USD instrument… Read More

4 hours ago

Bitcoin Hashrate Hits All-time High as Price Dwindles

The benchmark metric of miners confidence in the Bitcoin network established its all-time high on Thursday.Hashrate, which reflects the processing… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More