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Overstock Subsidiary Adds Stake in Blockchain Banking

By Emily Rys | March 14, 2019
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Overstock Subsidiary Adds Stake in Blockchain Banking

Medici Ventures, the wholly owned blockchain investment arm of US online retailer Overstock, has picked up 5.1 percent equity stake in banking blockchain startup Bankorus, according to an Overstock press release (Mar 11).

Formerly known as MiCai, Beijing-based Bankorus has offices in Europe and China. It is focused on custody, lending, and exchange of assets on the blockchain, with a banking platform that allows individuals and institutions to buy, sell, store, and lend digital assets.

Bankorus envisions transforming illiquidity in traditional banking of more than $60 trillion into liquid digital assets with its security token marketplace. The company was also responsible for launching the world’s supposedly first ever “robo-advisor” in China back in 2013.

“The addition of Bankorus to Medici Ventures’ portfolio of companies will further our work in building the foundation of a blockchain-based technology stack for society,” said Jonathan Johnson, president of Medici Ventures.

“Bankorus has built a revolutionary blockchain banking platform that dovetails nicely with Medici Ventures’ goals of eliminating middlemen, democratizing capital, and rehumanizing commerce by helping individuals access and control their own digital assets.”

With the stake in Bankorus, Medici Ventures has enlarged its global portfolio of companies to a total of 20. Its most recent purchase before this was just in December, when it took a 29.6% stake in digital securities firm Chainstone Labs at about $3.6 million.

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