Overstock won the Soros Fund to invest 100 million US dollars for blockchain and other related research and development

nRunaway Comment: US online retail giant Overstock has received a $ 100 million investment from Soros-managed Quantum Fund, part of which is used to fund the development of blockchain-related companies. The other part is also used for eCommerce platforms that accept bitcoin payments. However, this investment will not be used to buy tcoins from Overstock’s blockchain capital markets development platform.n
nTranslation: Annie_Xun
A tycoon in the financial sector will make major changes to Overstock.com, said platform chief executive Patrick Byrne, earning most of the money for the company’s blockchain efforts.n
The SEC document shows that the holder of the warrant has used its rights to buy a hundred million dollars. Although the paper does not name investors, Byrne said he is the Quantum Fund managed by George Soros, the billionaire Soros.n
Byrne said of the $ 100 million Overstock won, it is expected that $ 20 million will be invested in DeSoto Inc. This is a blockchain equity joint venture he co-founded with economist Hernando DeSoto.n
For another $ 80 million, Byrne plans to invest in Overstock’s flagship e-commerce platform, which accepts bitcoin payments, and another blockchain company affiliated with its Medici Ventures affiliate.n
However, Byrne believes the two companies will work more closely together in the future.n
n”Maybe it’s time we consider Overstock as two separate businesses. Last month our retail platform gained 40 million unique people. As we develop these blockchain applications, these blockchain companies, the retail business, will give The blockchain title that we expect to grow brings valuable awareness and traffic. “n
nByrne said:n
n”The involvement of the retail business allowed us to create two cosmic worm holes, the traditional universe and the cryptocurrency universe.”n
nThe Quantum Fund did not comment, but the Soros-controlled tool disclosed in November that it would buy Overstock warrants.n
Byrne mentioned Overstock blockchain capital markets development platform tZERO will also be part of the investment. However, the funds of the Quantum Fund will not be used to purchase tokens issued by tZERO in December ICO.n
Byrne said however, Overstock will use other funds to buy 30 million US dollars of tZERO tokens.n
In the first phase of ICO, tZERO has received a 100 million U.S. dollar investment.n
Overall, Overstock will hire “Wall Street professionals with risk management expertise.”n

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