SALT LAKE CITY, Jan. 22, 2019 (GLOBE NEWSWIRE) -- Dr. Patrick M. Byrne, CEO and founder of Overstock.com, Inc. (NASDAQ:OSTK), shared his vision of how blockchain technology will allow for the building of a "tech stack for civilization" in a keynote speech at the recent North American Bitcoin Conference in Miami.
Additionally, Byrne, who is also the executive chairman of tZERO, the global leader in blockchain innovation for capital markets, discussed the patented technological architecture of tZERO's blockchain-based securities trading platform while commenting on the status and timing of the platform's launch.
An abridged video of this speech is available at the following link: https://youtu.be/qP8g7eAPUQc
In 2014, Overstock founded Medici Ventures, its wholly-owned subsidiary focused on applying blockchain technologies to existing industries to eliminate middlemen, democratize capital, and rehumanize commerce.
Today, Medici Ventures oversees a global portfolio of 18 companies building the foundation of a "tech stack for society" based on trust systems that utilize blockchain and other related technologies instead of frictional middlemen. Medici Ventures' portfolio companies are introducing blockchain technologies to industries such as capital markets, money and banking, identity, property, voting, and supply chain.
Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures' tZERO platform: OSTKP) / Series B Preferred (OTCQX:OSTBP) is an online retailer and technology company based in Salt Lake City, Utah. Its leading e-commerce website sells a broad range of new products at low prices, including furniture, décor, rugs, bedding, home improvement, and more. The online shopping site, which is visited by nearly 40 million customers a month, also features a marketplace providing customers access to millions of products from third-party sellers. Overstock was the first major retailer to accept cryptocurrency in 2014, and in the same year founded Medici Ventures, its wholly-owned subsidiary developing and accelerating blockchain technologies to democratize capital, eliminate middlemen, and re-humanize commerce. Overstock regularly posts information about the company and other related matters on the Newsroom and Investor Relations pages on its website, Overstock.com.
tZERO Group, Inc. ("tZERO") is a majority owned subsidiary of Overstock.com, focusing on the development and commercialization of financial technology (FinTech) based on cryptographically-secured, decentralized ledgers – more commonly known as blockchain technologies. Since its inception, tZERO has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology.
O, Overstock.com, O.com, Club O, Main Street Revolution, and Worldstock are registered trademarks of Overstock.com, Inc. O.biz and Space Shift are also trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-Q for the quarter ended September 30, 2018, which was filed with the SEC on November 9, 2018, and any subsequent filings with the SEC.
tZERO Group, Inc. is not a registered broker-dealer, funding portal, investment adviser or investment manager and does not provide any brokerage services. tZERO takes no part in the negotiation or execution of secondary market transactions for the purchase or sale of securities and at no time has possession of investor funds or securities in connection with such transactions. Secondary market trades will be executed by PRO Securities, LLC, a broker-dealer registered with the SEC and a member of FINRA and SIPC, through the PRO ATS.
Dinosaur Financial Group, LLC, a broker-dealer registered with the SEC and a member of FINRA, SIPC, MSRB and NFA, will act as the introducing broker-dealer. More information about PRO Securities and Dinosaur Financial Group may be found at www.finra.org.
SOURCE: Overstock.com, Inc.
This release was updated on Jan 28.