Medici Ventures

From CryptoMarketsWiki
Jump to: navigation, search
Medici Ventures Inc.
Mv logo large.jpg
Founded 2014
Headquarters Salt Lake City, Utah
Key People Jonathan Johnson, President; Joel Weight, COO; Stanton Huntington, General Counsel
Products Venture Capital Firm
Twitter @medici_ventures
LinkedIn Profile
Website Medici Home
Blog Medici Blog

Medici Ventures is a fully-owned subsidiary of Overstock.com, which launched a distributed ledger technology trading platform, tZERO, in 2016. Medici Ventures focuses on investments in banking, capital markets, and financial technology companies as well as identity, land and voting enterprises.[1]

Overview

On June 5, 2015, Overstock.com announced it would offer the “world's first cryptosecurity,” on its new t0 platform. The name t0 comes from the Wall Street jargon for bond settlements, which typically take three days (“t + 3”) to finalize. According to company statements, bond trades on t0 settle the same day.[2]

In 2017 Patrick M. Byrne, CEO of Overstock.com, announced a joint venture between Medici Ventures and Hernando de Soto, a notable economist to begin a new blockchain venture, causing a sharp spike in Overstock.com's stock value (OSTK).[3][4] This venture ended up being called tZERO.[5] Later that year, he announced development of tZERO's DLR, a financial technology that would be developed specifically to "curb naked short sales."[6] Byrne announced in late 2017 that he plans on stepping away from his role at Overstock.com, selling or restructuring the company so that he could focus on developing tZERO full-time.[7][8]

In January 2018 Medici Ventures announced that Byrne and economist Hernando de Soto joined Medici Ventures Board of Directors. Medici Ventures had earlier announced an investment in DeSoto Inc., which implements blockchain technology in a global property registry system meant to free up otherwise dead capital in large parts of the developing world.[9]

In January 2019 Joel Weight, Medici's former CTO, became the company's COO. A week later, Medici's blockchain subsidiary, tZERO, launched.[10]

References