Overstock’s Subsidiary Acquires 20 Percent Stake in Blockchain-Based Start-Up That Ensures Wine Authenticity

  • Alex Dovbnya
    📰 News

    Overstock's subsidiary Medici Ventures has reportedly bought a 20% stake in a Blockchain-based company VinX. The particular amount of the investment hasn’t been disclosed


Overstock’s Subsidiary Acquires 20 Percent Stake in Blockchain-Based Start-Up That Ensures Wine Authenticity

Overstock's subsidiary Medici Ventures has reportedly bought a 20 percent stake in a Blockchain-based company VinX. The particular amount of the investment hasn’t been disclosed.

VinX allows wineries to cut out an intermediary and establish a direct bond with their customers by trading wine futures on Blockchain. Apart from increasing retail revenue, it would also eliminate wine counterfeiting. Patrick Byrne, the CEO of Overstock, claims that the new start-up has the potential to disrupt “old boys’ networks” by providing a model for a brand-new economy.    

Earlier, it was revealed that the e-commerce giant is also planning to sell Bitcoin on its website with the help of the Medici-based Bitsy wallet.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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