Overstock block chain business in the second quarter loss of 3.3 million US dollars

nnnIn the wake of the report, Medicicon Ventures, a subsidiary of Overstock, lost $ 3.3 million in the second quarter, according to the report. Although the company is also expanding the chain chain business, but this loss since the establishment of the situation has not been improved. And Overstock said that this phenomenon will continue in the short term, but combined with the previous data, the loss may be gradually reduced.n
nnTranslated by: Inan
nOnline retailer Overstock.com reported that its subsidiary Medici Ventures had lost $ 3.3 million in pre-tax charges in the second quarter of 2017.n
nOverstock is trying to dilute the data and beautify the status of the short note that was submitted to the SEC last week, as it is expanding its range and functionality of its recently launched chain-chain securities market.n
nOverstock told shareholders that while Medicare is seeking opportunities to grow, Medici is expected to continue to lose money in the short term.n
nIn the last quarter, the company’s pre-tax loss was $ 8 million, including $ 4.5 million in impairment losses caused by its investment chain chain company PeerNova. According to previous disclosures, its 2016 annual loss was $ 11.8 million.n
nOverstock said there may be more impairment losses.n
nCoinDesk has previously reported that Medici has expanded its portfolio in remittance use cases, including Peernova, Bitt, SettleMint, Factom and IdentityMind. In April, the company announced it had invested $ 400,000 in Ripio’s A round of investment.n

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