SALT LAKE CITY, Nov. 07, 2016 -- Medici Ventures, Inc., a blockchain-oriented subsidiary of Overstock.com, Inc. (NASDAQ:OSTK), announced today it will add Belgium-based SettleMint to its portfolio of investment companies. A fintech firm specializing in developing software leveraging distributed ledger technology, SettleMint most recently released SettleMint Ballot Box, an application successfully demonstrating the ease, security and immutability of recording voting to the bitcoin blockchain.
“Medici Ventures is immersed in a global search for outstanding companies poised to disrupt key sectors with blockchain technology,” said Jonathan Johnson, president of Medici Ventures. “SettleMint is precisely the kind of company we hoped to find and we’re pleased to be an angel investor at such an early stage of what promises to be a very auspicious future.”
“Medici Ventures believes that blockchain technology can replace over 100 mechanisms of modern civilization and perform their functions far less expensively, and with less risk of capture and corruption, than those functions are being performed by current social institutions,” said Patrick Byrne, CEO of Overstock. “Two years ago we identified six functions that will be fundamental to this new age, one of which was voting. Among SettleMint’s several great attractions to Medici Ventures’ capital has been their early work on blockchain voting. The immutability and universal accessibility of the blockchain make it the perfect technology for achieving higher confidence in the democratic process, for everyone.”
SettleMint is also making significant progress in the realm of property titling technology and procedures for simplifying ‘know your customer’ (KYC) compliance, also areas of primary interest at Medici Ventures.
In addition to joining the Medici Ventures portfolio, SettleMint will represent t0.com, Inc – also a Medici Ventures investment – as that firm seeks to expand its European presence.
“The list of blockchain firms that Medici Ventures has invested in already and those that are seeking to join the Medici Ventures portfolio, is long and distinguished,” said SettleMint Founder and CEO Matthew Van Niekerk. “It’s very exciting to be a part of this organization, which shares our vision and determination to move blockchain technology from the realm of theory, squarely into reality. And that it’s happening in conjunction with the release of our SettleMint Ballot Box makes this a thrilling time for our company.”
About Medici Ventures
Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc., created to manage and oversee the company’s investments in firms building solutions leveraging and servicing blockchain technologies. Medici project investments include: t0, PeerNova, Bitt.com and Identity Mind.
Overstock.com, Inc. (NASDAQ:OSTK) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, rugs, bedding, electronics, clothing, and jewelry. Additional stores within Overstock include Worldstock.com, dedicated to selling artisan-crafted products to help developing nations around the world and Main Street Revolution, supporting small-scale entrepreneurs in the U.S. by providing them with a national customer base. Other community-focused initiatives include Farmers Market and pet adoptions. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock sells internationally under the name O.co and regularly posts information about the company and other related matters under Investor Relations on its website.
O, Overstock.com, O.com, O.co, Club O, Main Street Revolution, Worldstock and OVillage are registered trademarks of Overstock.com, Inc. O.biz and Space Shift are also trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-Q for the quarter ended September 30, 2016, which was filed with the SEC on November 3, 2016, and any subsequent filings with the SEC.
Media Contact: Judd Bagley, Medici Ventures, Inc. +1 (801) 947-5352 firstname.lastname@example.org