|Nov 24, 2018 11:22 PM||By: Ben Noble | 3184 Views|
Today the Wall Street Journal is stating that Overstock has published it is planning to sell the 20-year-old retail arm of its company so that it can change its focus to cryptocurrency startups. It expects to have the deal performed by February.
Overstock is much known for selling local goods on the internet since 1999, but a few years ago it published a blockchain based trading platform called tZero, which still has yet to begin. But that hasn't stopped Chief Executive Patrick Byrne from voting he's leaving to go all in on cryptocurrency, explaining this and other crypto efforts as "cold fusion on the blockchain side.”
Byrne has not asserted who is engaged in buying Overstock.com but has now let it slip that the agreement should be done by February. Upon this report, the value of the company's stock went up 26%, though it has been dropping as many as 66% this year.
In overall, the company has been trying, as it has put $175 million into Medici Ventures, the umbrella thing that houses tZero and many other blockchain based startups. Notwithstanding putting so much into innovation, Overstock has seen $163.7 million in damages just this year.