Overstock is getting out of ecommerce.
One of the internet’s earliest online retailers, Overstock, is preparing to sell off its entire ecommerce business in February according to its founder and CEO Patrick Byrne.
Overstock’s future? Cryptocurrency and blockchain startups.
Speaking to the Wall Street Journal, Byrne detailed his Overstock sale plans and discussed the company’s $175 million investment so far into its subsidiary Medici Ventures, which backs blockchain startups.
SEE ALSO:Crypto's black Wednesday: Where do we go from here?Overstock was founded in 1999 and initially focused on selling surplus, returned, and liquidated merchandise of all types. As of today, the company’s ecommerce focus has shifted to home decor, bedding, kitchen appliances, and jewelry.
The company has been known for attention-bringing stunts like its short-lived 2011 rebranding of Overstock to ‘O.co’. In 2014, Overstock became the first major retail store to accept Bitcoin as payment for its merchandise. While the company admitted Bitcoin transactions largely dropped off after the initial announcement, CNBC points outthat the ups-and-downs of the company’s stock have seemingly correlated with the rise and fall of the price of Bitcoin.
So far this year Overstock has lost $163 million. Its investment in Medici hasn’t paid off either, with the subsidiary losing $22 million last year and $39 million so far this year. Making matters worse, Medici’s most well-known investment, tZero, a trading system startup, still has yet to launch to the public.
Byrne doesn’t seem bothered by any of this.
"I don't care whether tZero is losing $2 million a month," said the Overstock founder and CEO to the Journal. "We think we've got cold fusion on the blockchain side."
By selling off the business that built Overstock and fully pivot to the blockchain, Byrne’s proving that this is no stunt.
TopicsBitcoinCryptocurrency
(责任编辑：時尚)
Olympian celebrates by ordering an intimidating amount of McDonald'sIndia's latest ban has Twitter in uproarTrump's selfWiz Khalifa is getting called out for these Instagram pics by Pablo Escobar's graveOver 82,000 evacuate as Blue Cut fire rapidly spreads in southern CaliforniaThis 'sh*tpost' bot makes terrible memes so you don't have to
The internet is awash in trashy memes just waiting for your late-night retweet spree. Why waste prec
...[详细]13 things only drunk people can do
Often drunk people are considered a nuisance to society. Not here, not today. 。 For now, we will cele
...[详细]BioWare finally addresses its questionable handling of a trans character in 'Mass Effect'
It's April 4, which means BioWare's "what's ahead" announcement for Mass Effect: Andromeda-- hyped l
...[详细]New app will finally let you be your best emoji self
What came first, the face or the emoji? Okay, there's a clear answer here -- but Facetune's new Memo
...[详细]One thing's for sure: you're never too old to learn. 。Massachusetts woman Clare Picciuto turned 100 F
...[详细]North Carolina fan really sinks her teeth into supporting the Tar Heels
Maybe painting your teeth is the new painting your face? You might have seen the photo above pinging
...[详细]Confused? Here's how to get your laptop to your destination
Search the internet about how to pack your laptop in checked luggage, and you'll find a recurring th
...[详细]Terrify the children in your life with this weeping unicorn candle
Ever wanted to make a unicorn cry tears made from its own horn? Well, that's messed up, but you can
...[详细]The Weeknd teases new music in Instagram post
The Weeknd is approaching. 。 The Grammy award-winning singer looks to be in full third-studio-album m
...[详细]In Wales there are so many castles that wedding guests turn up at the wrong one
Wales is often called the castle capital of the world, with over 600 castles, of which 100 are still
...[详细]Airbnb activates disaster response site for Louisiana flooding
MashReads Podcast: 'A Separation' is a grief novel disguised as a mystery thriller