The company's founder intends to sell the entire retail business and focus on investments in blockchain technology and startups

Since its debut in 1999, Overstock.com has been one of the internet’s longest-lasting and most prominent online retailers. However, having struggled to compete with the likes of Amazon and continuing to lose market share, the company plans to sell its ecommerce business and invest instead in cryptocurrency.

Though Overstock has recently fallen on hard times, losing $163 million so far this year, the company has long been a champion of cryptocurrency. The store began accepting Bitcoin as payment in 2014 and also created a subsidiary called Medici Ventures, which targets investments in top areas of blockchain tech adoption, including capital markets, money and banking, identity management, properties and more. Overstock’s founder and CEO, Patrick Byrne, mentions, “Being the guy who pedals along and makes $10 to $20 million a year wasn’t sustainable. With Medici, “We have maybe several multibillion-dollar properties in there.”

One of Medici’s better-known investments is tZero, a startup trading system prepared to launch to the public in coming months, and exemplifies one area of focus for the new business as it pivots to blockchain. The entire retail operation will be sold in February of 2019.

Overstock


Lead image: silver bitcoin stock photo from Matuesz_Szymanski/Shutterstock

Since its debut in 1999, Overstock.com has been one of the internet’s longest-lasting and most prominent online retailers. However, having struggled to compete with the likes of Amazon and continuing to lose market share, the company plans to sell its ecommerce business and invest instead in cryptocurrency.

Though Overstock has recently fallen on hard times, losing $163 million so far this year, the company has long been a champion of cryptocurrency. The store began accepting Bitcoin as payment in 2014 and also created a subsidiary called Medici Ventures, which targets investments in top areas of blockchain tech adoption, including capital markets, money and banking, identity management, properties and more. Overstock’s founder and CEO, Patrick Byrne, mentions, “Being the guy who pedals along and makes $10 to $20 million a year wasn’t sustainable. With Medici, “We have maybe several multibillion-dollar properties in there.”