Patrick Byrne, the founder of Overstock, is about to get rid of Overstock retail business and focus on the blockchain industry.
The company CEO did not comment on the contract cost and interested party. Meanwhile, the sale of the business is reportedly slated for February 2019.
Overstock runs blockchain business Medici Ventures. According to the last-year results, the division recorded $22 million loss. At the same time, the Q1-Q3 2018 loss amounted to $39 million, as the released date showed. One of the key crypto projects is trading system tZero. The company loses $2 million per month while supporting tZero. However, Byrne stated that he did not worry about the fact that tZero is loss-making. For reference, tZero regulated token sale generated $134 million investments.
tZero commercial launch is yet to be made. The start of its operations has been delayed many times due to problems with the approvals for security-token sales.
It is worth mentioning, that Overstock share price soared by 27% with these reports, but the figures remain negative anyway.
Overstock was created in 1999 as the furniture and jewellery seller. However, the founder Patrick Byrne focuses now on different blockchain projects, which are supported via Medici Ventures.
In early November, Medici-backed project wallet for cryptos Bitsy announced public beta testing.