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All in blockchain? Overstock CEO consider selling the company to start again

It is reported that Overstock CEO Patrick • Byrne (Patrick Byrne) may sell their e-commerce company to establish a new blockchain land registration company. Byrne was one of the early backers of bitcoin , and Overstock was one of the first companies to bring cryptocurrencies to the digital commerce space.

New company

The new company will be co-financed by Overstock subsidiary Medici Ventures, which manages the company's blockchain investment, and Peruvian economist Hernando de Soto. The company will build a local real estate record-keeping framework using blockchain technology as a way to transfer ownership to prevent proprietary rights from being tampered with.

Byrne mentioned in the interview that he plans to launch a pilot project early next year. As the new company is about to emerge, Byrne thinks one of the viable ways to raise money is to sell Overstock (some or all) and use that money to set up a new company.

One of the ways is that I sell the company so that we have enough money.
To get things right, they've hired Guggenheim Partners, a consulting firm, to help them study ways to sell their businesses.

Poverty alleviation

De Soto described blockchain technology as a tool to fight poverty in his speech. According to Babbitt reports, De Soto also participated in a land register project last year , also involving BitFury and the Georgian government.

De Soto further explained:

The resources in the hands of billions of people can not easily be converted into productive capital. The structural problems that have arisen are therefore the main causes of poverty and conflict, and the blockchain is a powerful tool that can solve these problems.

Overstock has long been a prominent player in the area of ​​blockchain. A few years ago, the company started building its blockchain securities trading platform and harvested $ 30 million in a new round of fundraising last year.