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.