Not content with being the impetus behind the forthcoming tZero ICO, Patrick Byrne is also considering selling his online retail business to invest in a new blockchain property company.
With his current company Overstock trading on NASDAQ with an annual revenue in excess of $1.8 billion, the move by one of the US’ high profile venture capitalists has not gone unnoticed in the wider business world.
Overstock raised more than a few eyebrows when they became the first major U.S. company to accept Bitcoin for payment back in January 2014.
A year later, Mr Byrne used Medici’s t0.com trading platform to become the first person to purchase a digital bond entirely on the blockchain, and the following year Overstock was the first company to issues shares of a public company on an Alternative Trading System (ATS).
His new project is the tZero ICO, which goes live on 18 December, and is a platform aimed at integrating cryptographically secure distributed ledgers with existing market processes to reduce settlement time and costs, increase transparency, efficiency and audit-ability.
Further Blockchain Projects
This ICO appears to have cemented Mr Byrne’s enthusiasm for distributed ledger technology as manifested in a recent interview with the Financial Times he expressed his desire to fund an ambitious attempt to make a global property registry on the blockchain.
Speaking to the FT he confirmed that, “One of the possibilities is I sell the (Overstock) business and we have all the capital we need” to finance the deal, adding that he would select a dozen of Overstock’s top personnel to take with him.
Joining forces with a respected Peruvian economist, Hernando de Soto, and forming a non-profit venture called De Soto, Inc. has been the first step to gather local informal ownership records into a blockchain database so as to tackle property related social problems.
A pilot of the scheme is expected as early 2018.