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Overstock CEO estimates that selling his company to finance a blockchain operation

De Soto explains later Overstock CEO, Patrick Byrne, could end up selling his e-commerce company. Blockchain cadastre with the famous Peruvian economist Hernando de Soto. In the fourth quarter of 2016, Overstock's net profit is $ 12.52 million

Byrne himself is one of the earliest advocates of Bitcoin and his company was the only one of its kind. one of the first to introduce cryptocurrencies into the digital merchant space.

Framework for Local Property Registries

The joint venture – called De Soto, Inc. – takes place between the subsidiary Overstock's Medici Ventures, which manages Blockchain's investments, and Soto himself. The company will establish a framework for local property registries that will leverage technology as a means to transfer rights, while also consolidating multimedia, mobile, technological and social elements.

Byrne said in an interview that he planned to launch a pilot system early next year. As the business materializes, Byrne believes that a financing option would be to sell Overstock, either partially or as a whole, and use the capital to finance this new venture:


"One of the possibilities I sell the case and we have all the capital we need."

To make things official, the consulting firm Guggenheim Partners was hired to help explore potential options for selling


De Soto explains further:

"Billions of people have resources that can not easily be transformed into productive capital. Blockchain is a powerful tool for solving these structural problems, which are some of the main causes of poverty and conflict. "

Overstock was a notable engine in the Blockchain space.A few years ago, the company began building its Blockchain-powered stock exchange, which it has used last year in part to raise $ 30 million in new funds.

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