Overstock CEO Teases 'Historic' Blockchain Announcement

Newly back from a leave of absence, Overstock CEO Patrick Byrne is already promising big blockchain news ahead.

Addressing a group of investors during a Q2 earnings call today, Byrne spoke about Overstock subsidiary Medici, the division of the online retailer developing the post-trade blockchain project tØ.

Byrne said:

"You’ll see a historic announcement in the weeks ahead. If all goes well, about four-ish weeks from now."

Elsewhere, Byrne discussed how the company might monetize its blockchain R&D efforts and related investments.

Notably, Byrne said the company is open to all manner of ideas, including licensing its technologies, introducing paid products and even outsourcing its team for use by outside investors.

Overstock was one of the first online marketplaces to begin accepting bitcoin, and has since taken a leadership role adopting the digital currency’s blockchain to streamline Wall Street’s post-trade services.

Also on the call today Byrne reported revenue of $418.5m for Q2 2016, an 8% increase over the same quarter last year.

Pete Rizzo contributed reporting.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Michael del Castillo

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.