Overstock's blockchain subsidiary Medici Ventures posts $3.3M loss

posted 2 months ago
Online retailer Overstock.com has reported that its blockchain subsidiary, Medici Ventures, lost $3.3 million before taxes during the second quarter of 2017.

In a short note accompanying a U.S. Securities and Exchange Commission filing on Friday, Overstock sought to downplay the figures, framing the news as expected given that it is expanding the scope and functionality of its recently launched blockchain-based securities market, tØ.

Overstock told shareholders that, while it is seeking opportunities to grow the business, it anticipates Medici will continue to lose money in the short term.
Tags: blockchain, news