Online retailer Overstock.com is "going all in on blockchain and criptovalute," CNN reports.
The details: The goal is to revive growth by "investing heavily in blockchain technology", for CNN. Overstock.com CEO, Patrick Byrne, stated in a letter to shareholders that the company believes "shareholders are better served now by a conservative strategy" and "can focus on developing more non-traditional growth and profitability tools" .
A private equity firm in Hong Kong, GSR Capital, announced an investment on Overstock.com of almost $ 375 million Friday; $ 270 million will be for tZero, an initial offer of coins (ICO) that the company intends to launch.
The Securities and Exchange Commission is studying the ICO, which Overstock.com claims to cooperate with.
GSR also intends to purchase "$ 30 million in tZero security tokens, a form of cryptographic investment".
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