Overstock’s subsidiary Medici Ventures has purchased a stake in distributed ledger technology startup Chainstone Labs by using securities tokens on Ravencoin Blockchain.
Medici Ventures is a leading blockchain accelerator and conducted the digital securities token transfer representing its equity ownership in Portsmouth, New Hampshire-based Chainstone Labs. The Chainstone digital security token is one of the first equity tokens issued using a public blockchain and is believed to be the first major security token issued on the Ravencoin network.
Medici Ventures purchased a 29 percent stake in Chainstone Labs for $3.6 million. This equity purchase was first disclosed in the Q3 2018 earnings reporting of Medici Ventures’ parent company Overstock.com, Inc. on November 9, 2018. The equity token is not offered to the public.
Comments from Medici Ventures
“Chainstone Labs shares the same vision of Medici Ventures: blockchain is the future and using it to make transactions faster, more secure, and completely transparent will change the world,” said president of Medici Ventures, Jonathan Johnson.
“Our mission is to use blockchain to democratize capital, eliminate the middleman, and re-humanize commerce. We believe our equity purchase in Chainstone Labs is a huge step forward in that mission as Chainstone will help change the landscape of the global economy.” added Johnson.
Comments from Chainstone Labs
“It is natural that since we focus on securities tokens that we have a digital security for the equity in our own company. The ease of moving digital securities has the potential to change the way the global economy works. Medici Ventures has the operational expertise to help us pursue this market,” said Bruce Fenton, CEO of Chainstone Labs.
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