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   1008

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 Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   553

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.