Overstock’s Medici Ventures Makes Equity Buy In Blockchain’s Bankorus

News | March 12, 2019 By:

Medici Ventures, the blockchain branch of retail giant Overstock, has purchased a 5.1 percent stake in blockchain banking platform Bankorus.

Founded in 2017, Bankorus operates a blockchain banking platform that allows individuals and institutions to securely buy, sell, store, and lend digital assets. The firm provides a full suite of safe, know your customer compliant solutions that allow their clients to easily diversify into cryptocurrencies and crypto-based assets.

Bankorus is led by CEO Greg Van den Bergh — the co-founder of the business and creator of the first robo-advisor in China, and Eagle An, the former acting head of wealth management at CreditEase. The Bankorus board of advisors includes several experts on wealth management and blockchain, including Charles-Edouard Bouée, CEO of global consulting firm Roland Berger, Chris Van Aeken, former CEO of Morgan Stanley’s Private Bank and Lon Wong, President of the NEM Foundation.

Jonathan Johnson, president of Medici Ventures, said that the addition of Bankorus to Medici Ventures’ portfolio of companies will further their work in building the foundation of a blockchain-based technology stack for society.

“Bankorus has built a revolutionary blockchain banking platform that dovetails nicely with Medici Ventures’ goals of eliminating middlemen, democratizing capital, and rehumanizing commerce by helping individuals access and control their own digital assets,” Johnson said.

Established in 2014, Medici Ventures has been investing in a number of crypto and blockchain startups, including Factom, Symbiont, Bitsy, Ripio, Bitt and others. It believes that by advancing blockchain technology the world may be brought closer together to connect and transact freely, eliminating the need for transactional middlemen and ushering in an era of trust through technology.