Share this article
Overstock Invests in Blockchain Voting Startup SettleMint
E-tail giant Overstock has invested in a Belgium-based blockchain startup.
By Stan Higgins
Updated Sep 11, 2021, 12:36 p.m. Published Nov 7, 2016, 11:16 p.m.
Make us preferred on Google
E-tail giant Overstock has invested in a Belgium-based blockchain startup.
The seed investment in SettleMint, the amount of which was not disclosed, was made by Medici Ventures, a venture arm of Overstock that is focused on its blockchain-based trading platform initiative. In April, Overstock invested $4m in Caribbean digital currency exchange Bitt, and the firm has stakes in other companies like PeerNova and Identity Mind as part of its crypto-exchange project.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
According to the e-tailer, the investment in SettleMint is aimed, in part, at shoring up the voting capabilities for its tø platform. The startup recently unveiled a new voting tool geared toward this year's US presidential election.
Patrick Byrne, CEO of Overstock, said in a statement:
“Two years ago we identified six functions that will be fundamental to this new age, one of which was voting. Among SettleMint’s several great attractions to Medici Ventures’ capital has been their early work on blockchain voting. The immutability and universal accessibility of the blockchain make it the perfect technology for achieving higher confidence in the democratic process, for everyone.”
The proposed use of the technology to enable shareholder voting has gained steam in the past year, leading organizations like the EU Parliament's research outfit to propose using bitcoin as a basis for cataloging votes. Major proxy voting vendors like Broadridge have also begun working in this year.
The investment represents another step in the company’s ramp up to blockchain-based stock trading, as Overstock is planning to begin conducting an offering of its own stock via blockchain next month.
Earlier this week, announced a new partnership with Connecticut-based investment bank Source Capital Group, which will serve as dealer-manager for the offering. Overstock has also been investing heavily in the project, booking a $3m pretax loss in the third quarter of last year on its Medici business line.
Image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Crypto Markets Today: Largest tokens decline, with derivatives signaling caution ahead
Even though the Fed's decision to hold interest rates was widely expected, geopolitical tensions and a rotation into haven assets left crypto traders facing a sea of red.
What to know:
- Bitcoin fell and the CoinDesk 20 index dropped as a risk-off shift pushed investors into safe-haven assets.
- Crypto derivatives showed falling open interest, muted volatility and a growing bias toward protective puts and short positions.
- Optimism’s community approved a 12-month plan to use about half of its Superchain revenue for OP token buybacks starting in February. Still, the token fell.
Top Stories
