Byrne Selling Overstock to Fund Blockchain Move

Byrne Selling Overstock to Fund Blockchain Move

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.

Crypto TrailBrazer 

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 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.