Overstock’s Venture Arm Invests $2 Million in Blockchain ID Firm

Overstock’s Venture Arm Invests $2 Million in Blockchain ID Firm

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Blockchain-based identification agency Evernym has acquired a $2 million funding from Overstock subsidiary Medici Ventures, in accordance with a launch from the corporate.

Medici Ventures participated in Evernym’s Easy Settlement for Future Fairness (SAFE), which might be transferred into most popular inventory at an undisclosed date. The spherical closed earlier this month with Evernym receiving funding from Medici Ventures for realizing its product.

A totally owned subsidiary of Overstock.com, Medici Ventures invests in blockchain corporations and know-how. Evernym joins Netki and FinClusive as Medici Ventures’ different identity-focused portfolio corporations.

Talking concerning the SAFE, newly appointed Overstock CEO and President of Medici Ventures Jonathan Johnson stated Evernym is bringing the promise of digital identities to the world by way of blockchain know-how.

“Evernym is bridging the hole between the siloed strategy to identification and true self-sovereign identification,” stated Johnson. “Evernym’s platform permits each individual, group, and linked factor to have an unbiased identification … and can assist advance our government-as-a-service know-how stack for civilization.”

Evernym president Steve Havas instructed CoinDesk the startup has been utilized by over 40 proof-of-concept or pilot initiatives thus far and continues to work towards actualizing information self-sovereignty.

“Proper from the beginning we’ve made it a rule to not lower corners by way of guaranteeing a privateness by design, privateness by default place for our merchandise – finally we’re designing purposes that we as people can be comfortable to make use of.”

Johnson was appointed interim CEO of Overstock.com on Aug. 22 and full-time CEO a month later, taking on when former CEO Patrick Byrne resigned after admitting an affair with Russian spy Maria Butina.

On the time of his interim appointment, Johnson stated he was totally able to run each Overstock.com and Medici Ventures.

Overstock picture through CoinDesk archives

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