Overstock may be better known as an e-commerce business, but today its CEO and founder Patrick Byrne is much more interested in talking about the power of cryptocurrency and blockchain, and how the real future will be. of the enterprise than the economy in general.
Suffice it to say that Byrne remains one of the biggest calls of the blockchain.
But even things in the e-commerce sector showed signs of strength. Revenues exceeded expectations, reaching $ 440.6 million compared to the expected $ 424 million. The net loss also increased, however, hitting $ 47.9 million compared to $ 0.8 million in the prior year, attributed to strong increases in digital and traditional marketing efforts.
But the retail side of Overstock is a bit of a second violin in the grand scheme of business interests – it is, in fact, looking for a buyer for its retail operations so that it can move completely the focus on distributed ledger technology and its advancement. So far, Overstock has placed $ 175 million of capital invested in Medici Ventures, their blockchain accelerator. These funds were used to grow operations such as tZERO, the issuing of security tokens and the trading platform.
"We believe [tZERO] is leading the global package in perhaps the most lucrative of all blockchain applications (ie security token). I think the public might not understand our general plan in Doctors, as all the pieces fit together, and how blockchain companies in this network are making equally dramatic progress in their respective fields, "Byrne noted in a letter to investors.
During the call with investors, Byrne also noted that the ICO market is cooling in the United States, while offers migrate from the east to Asia.
Byrne also noted that he believes Overstock's efforts in the blockchain arena will allow the company to expand into a number of previously unexplored areas for the company, including debt, real estate and other asset classes. tokenizable activity.
Byrne added that he may not be the only player in this game, but he believes he is the best, claiming to be "so forward" to everyone else globally.