Medici Ventures, the blockchain funding arm of Overstock, has acquired a 5.1 p.c fairness stake in blockchain banking startup Bankorus.
Asserting the information on Monday, Overstock stated Bankorus’ blockchain platform permits people and establishments to “securely” purchase, promote, retailer and lend digital belongings.
“The addition of Bankorus to Medici Ventures’ portfolio of corporations will additional our work in constructing the inspiration of a blockchain-based know-how stack for society,” stated Jonathan Johnson, president of Medici Ventures.
“Bankorus has constructed a revolutionary blockchain banking platform that dovetails properly with Medici Ventures’ targets of eliminating middlemen, democratizing capital, and rehumanizing commerce by serving to people entry and management their very own digital belongings.”
Based in 2013, Beijing-based Bankorus has adopted the mission to unlock greater than $60 trillion in conventional belongings held by high-net-worth people and redirect it into cryptocurrencies. The agency goals to show conventional and illiquid belongings equivalent to actual property, artwork, hedge funds and bonds into liquid digital belongings via its safety token market.
With the brand new acquisition, Medici Ventures’ international portfolio of corporations now stands at a complete of 20.
In December, Medici additionally bought a 29.6 p.c stake (price about $three.6 million on the time) in digital securities agency Chainstone Labs.
Medici’s personal safety token market, tZERO, went dwell in January with its personal tZERO Most well-liked (TZROP) token as the only listed asset initially. Buying and selling quantity was gentle, nonetheless, and the token’s worth dropped sharply quickly after the launch.
Final month, Overstock CEO Patrick Byrne instructed CoinDesk he anticipated volumes to soar after the year-long lock-up interval for the token ends in August and the platform opens as much as retail traders. Presently, tZERO is restricted to accredited traders solely.
Jonathan Johnson picture through CoinDesk archives