Overstock which relies on blockchain and cryptocurrency – Axios

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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