Medici Ventures, the blockchain investment arm of Overstock, has acquired a 5.1 percent equity stake in blockchain banking startup Bankorus.
Announcing the news on Monday, Overstock said Bankorus’ blockchain platform allows individuals and institutions to “securely” buy, sell, store and lend digital assets.
“The addition of Bankorus to Medici Ventures’ portfolio of companies will further our work in building the foundation of a blockchain-based technology stack for society,” said Jonathan Johnson, president of Medici Ventures.
Founded in 2013, Beijing-based Bankorus has adopted the mission to unlock more than $60 trillion in traditional assets held by high-net-worth individuals and redirect it into cryptocurrencies. The firm aims to turn traditional and illiquid assets such as real estate, art, hedge funds and bonds into liquid digital assets through its security token marketplace.
With the new acquisition, Medici Ventures’ global portfolio of companies now stands at a total of 20.
In December, Medici also purchased a 29.6 percent stake in digital securities firm Chainstone Labs for about $3.6 million.
Last month, Overstock CEO Patrick Byrne told CoinDesk he expected volumes to soar after the year-long lock-up period for the token ends in August and the platform opens up to retail investors. Currently, tZERO is restricted to accredited investors only.
Jonathan Johnson image via CoinDesk archives
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.