Home Blockchain Overstock.com's Byrne enters deal to create blockchain venture

Overstock.com's Byrne enters deal to create blockchain venture


In the next step in founder Patrick Byrne’s plan to sell Overstock.com (NASDAQ:OSTK) and pivot to blockchain technology, the company’s Medici Ventures has signed a memorandum of understanding to create DeSoto, a company built to work on blockchain.

Details from an SEC filing: Byrne entered into the MOU with Hernando de Soto, will serve as chairman of DeSoto and join Medici Ventures as a director. Byrne will be co-chairman and CEO of DeSoto, to go along with his positions at Overstock and Medici.

DeSoto will be owned 50% by Medici, 33% by Hernando de Soto and 17% by Byrne.

“The goal of the new company is to develop a blockchain-based system to develop a global property registry system focused on the property rights of people in the developing world,” the filing says.

Overstock and/or Medici will pay or contribute $14M to launch the project, with $8M funding DeSoto, and Byrne will personally contribute $14M to the launch.

OSTK rose 10.7% today.


This article was curated from Google News. You can read the original article here.


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