Overstock Invests In Symbiont

Overstock Invests In Symbiont

The blockchain branch of retail company Overstock annonced its investment in Symbiont, a start-up that uses blockchain technology to trade financial securities.

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The blockchain branch of retail company Overstock annonced its investment in Symbiont, a start-up that uses blockchain technology to trade financial securities.

The two companies stated that this signals the beginning of a new collaborative effort that is to revolve around blockchain technology.

“We look forward to Medici Ventures becoming one of the first Delaware entities to convert its registration to blockchain form at the State of Delaware using the new Delaware blockchain amendments, which take effect August 1, 2017 pending Governor John Carney’s signature.”, said Jonathan Johnson, President of Medici Ventures and a director of Overstock.com as quoted by globenewswire.com.

“We also anticipate using blockchain to administer Medici Ventures’ fund interests from inception, thereby providing our investors with end-to-end recordkeeping on a blockchain and administration of investor interests using smart contracts.  We expect to deliver best-in-class investor transparency.”, as he added.

Symbiont welcomed Medici Ventures as an investor by saying that the company has goals corresponding with their own.

Speaking to coindesk.com, Symbiont president Caitlin Long said that Medici parent Overstock wants to be the first public company to move all its shares to blockchain, while Symbiont wants to be the first private company to do so.

“They put a proposal on the table about three weeks ago, and moved very quickly once we both realized we wanted to do this.”, as she told coindesk.com.

The investment was on its way to be off the table, however. Earlier this year, Medici president Jonathan Johnson didn`t participate in an earlier round. As he commented, “we made a mistake”.

Now that the investment is a reality, it is to be seen how it will improve Symbiont`s services.

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