Overstock CEO to Sell His Shares For Crypto Investment

Previously, Overstock has invested heavily in blockchain projects, including the creation of a "daughter" company called tZero
12 September 2018   452

The founder and head of the giants of e-commerce Overstock, Patrick Byrne, sold 10% of its stake, receiving about $ 20 million, and is going to invest these funds in blockchain projects. This is reported by CNBC.

In his letter to Overstock investors Byrne stressed that he will soon reinvest these funds with Overstock and Medici Ventures.

Note that the head of the online retailer did not disclose specific plans for future investments. However, previously, Overstock has invested heavily in blockchain projects, including the creation of a "daughter" company called tZero.

Byrne also acknowledged that over the past year, Overstock stocks fell 61%, and linked it to the fall of the cryptocurrency market.

I sadly note that over the last 180 days the correlation between OSTK's and Bitcoin's daily movements has been 85.5%, and again warn people: we don't have significant holdings of Bitcoin.
 

Patrick Byrne

CEO & Founder, Overstock

In early August, the regulated tokensale (Security Token Offering) of tZero ended, during which the company raised $ 134 million.

OKEx & Kraken to List Bitcoin SV

Kraken notes that Bitcoin SV doesn't meet its usual listing requirements
19 November 2018   51

OKEx Bitcoin exchange, charged holders of Bitcoin Cash with BCHABC and BCHSV coins. Bidding for each asset is available in pairs with Tether USD, Bitcoin, Ethereum and OKB token.

Note that futures, margin trading and fiat pairs will remain unavailable for new assets. The withdrawal of coins is also closed indefinitely.

In turn, the Kraken exchange assigned the BCH ticker to the Bitcoin ABC chain, but also made a decision on the listing of Bitcoin SV (BSV).

WARNING: Bitcoin SV does NOT meet Kraken’s usual listing requirements. It should be seen as an extremely high risk investment. There are many red flags that traders should be aware of:

  • No known wallets supporting replay protection (be careful!)
  • No support in major block explorers
  • Miners apparently subsidized or operating at a loss
  • Representatives threatening and openly hostile toward other chains
  • Chain’s survival may be mutually exclusive with other chains
  • Supply is temporarily constrained because of limited wallet support
  • Some large holders have indicated they’d be dumping everything ASAP
  • Kraken has done only very minimal code review

Custodial losses taken on due to attacks originating from nChain or its affiliates will be socialized among all BSV holders on Kraken. Given the volatile state of the network and threats that have been made, Kraken cannot guarantee perfect custody of BSV.
 

Kraken Team

BSV trading will be available in pairs with Bitcoin, fiat USD and Euro.

Meanwhile, the BSV rate in the last 24 hours fell by almost 30%, dropping below $ 90.