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

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Thu, 10/04/2018 - 15:42
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Alex Dovbnya
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
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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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.