时间:2024-09-20 08:46:53 来源:网络整理编辑:焦點
Overstock is getting out of ecommerce.One of the internet’s earliest online retailers, Oversto
Overstock is getting out of ecommerce.
One of the internet’s earliest online retailers, Overstock, is preparing to sell off its entire ecommerce business in February according to its founder and CEO Patrick Byrne.
Overstock’s future? Cryptocurrency and blockchain startups.
Speaking to the Wall Street Journal, Byrne detailed his Overstock sale plans and discussed the company’s $175 million investment so far into its subsidiary Medici Ventures, which backs blockchain startups.
SEE ALSO:Crypto's black Wednesday: Where do we go from here?Overstock was founded in 1999 and initially focused on selling surplus, returned, and liquidated merchandise of all types. As of today, the company’s ecommerce focus has shifted to home decor, bedding, kitchen appliances, and jewelry.
The company has been known for attention-bringing stunts like its short-lived 2011 rebranding of Overstock to ‘O.co’. In 2014, Overstock became the first major retail store to accept Bitcoin as payment for its merchandise. While the company admitted Bitcoin transactions largely dropped off after the initial announcement, CNBC points outthat the ups-and-downs of the company’s stock have seemingly correlated with the rise and fall of the price of Bitcoin.
So far this year Overstock has lost $163 million. Its investment in Medici hasn’t paid off either, with the subsidiary losing $22 million last year and $39 million so far this year. Making matters worse, Medici’s most well-known investment, tZero, a trading system startup, still has yet to launch to the public.
Byrne doesn’t seem bothered by any of this.
"I don't care whether tZero is losing $2 million a month," said the Overstock founder and CEO to the Journal. "We think we've got cold fusion on the blockchain side."
By selling off the business that built Overstock and fully pivot to the blockchain, Byrne’s proving that this is no stunt.
TopicsBitcoinCryptocurrency
Airbnb activates disaster response site for Louisiana flooding2024-09-20 08:42
Trump will be able to mass2024-09-20 08:29
Watch Obama age from kid to outgoing POTUS in seconds2024-09-20 07:44
Chapecoense: The meteoric rise that made the horrific tragedy worse2024-09-20 07:35
Chinese gymnastics team horrifies crowd with human jump rope2024-09-20 07:20
Apple Music student subscription is now available in over 30 countries2024-09-20 07:14
Please enjoy this delightful photo of a woman dressed like her dog2024-09-20 06:43
10 quick 'Final Fantasy XV' tips that make the game easier2024-09-20 06:42
Katy Perry talks 'Rise,' her next batch of songs, and how to survive Twitter2024-09-20 06:23
Indians went on an iPhone buying spree after government demonetized currency2024-09-20 06:18
The U.S. will no longer have the final say on internet domain names2024-09-20 08:45
Hot 'Deals' are the fake news of online shopping, and you're all buying it2024-09-20 08:37
Apple announces more (RED) gadgets to mark World AIDS Day2024-09-20 08:13
2 cats are recreating all your favorite movie scenes2024-09-20 07:50
Richard Branson 'thought he was going to die' in bike accident2024-09-20 07:45
Watch Obama age from kid to outgoing POTUS in seconds2024-09-20 07:38
Massive Sunny and Bo replicas are the best White House holiday decor2024-09-20 07:28
Indians went on an iPhone buying spree after government demonetized currency2024-09-20 07:06
Singapore gets world's first driverless taxis2024-09-20 06:56
Apple Music student subscription is now available in over 30 countries2024-09-20 06:49