Overstock CEO Still Confident in Blockchain Despite Losses

Announcements, Blockchain, FinTech, Innovation, Investing, News | May 8, 2017 By:

Overstock.com is still spending big on blockchain. During a recent analyst call on its financial results, the company claimed it had an $8 million pre-tax loss related to its first quarter work on Medici, its blockchain technology arm.

The spending exceeds a $3 million loss reported for Medici in Q4 2016. For its fiscal year 2016, the company reported an $11.8 loss on Medici. Most of the loss came from a loss in blockchain startup Peernova, which Overstock gave $5 million to in March, 2015.

“I remain confident that we are doing the right thing for our shareholders by having Medici pursue a position of global leadership in blockchain technology,” said Overstock CEO Patrick Byrne.

The company first began accepting bitcoin in 2014.