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Overstock completes $15 million investment in blockchain technology provider
Leading e-tailer Ovestock.com said it has completed the second tranche of its planned $15 million investment in tZero Group, a blockchain technology provider, after its initial funding announced in February of this year.
Overstock said the investment gives the company a 29 percent direct ownership stake in tZero. Overstock also has an indirect stake in tZero through its investment in a limited partnership called Medici Ventures, which owns 26 percent of tZero.
“The completion of Overstock’s additional investment in tZero shows our commitment to tZero and our belief in its leadership. Overstock was an early advocate for accelerating the adoption of blockchain technology, particularly in capital markets, and we have long supported tZero in doing that,” said Overstock CEO Jonathan Johnson. “We continue to believe in the tZero team and its efforts to revolutionize and democratize capital markets.”
tZero is a financial technology company that provides transformative market-based solutions for companies, entrepreneurs, and retail and institutional investors. Since its founding in 2014, tZero’s mission has been to democratize access to capital markets by establishing more efficient, accessible, and transparent marketplaces. tZero works with companies to create innovative solutions and products. tZero also designs and manages their marketplaces to help them achieve their strategic goals.