Overstock.com, which is a public company where 1,800 employees are working with, is a digital retail platform. The newly appointed CEO of this platform, namely Patrick Byrne, desires of bringing about revolution in its blockchain indeed. He disclosed his dogma after abdication from the company’s chair of head and member of its board. Disruption to possible strategic discussions wasn’t his intention was a message from him to the shareholders.
Supervising the advancement of Medici Ventures, Overstock’s blockchain-focused subsidiary, Byrne has secured blockchain tools and projects and these projects are going to be continued. Muck focusing on blockchain is pushing him into the CEO role. He had a relation with Medici over the past three years but he was devoted to Overstock’s blockchain efforts. But now the interim Overstock CEO is Jonathan Johnson who is assuring that the man will hold his previous position as president of Medici.
The man quoted,
‘’Not only have I drunk the kool-Aid, I’m drunk on the Kool-Aid.’’
The man desires that the operation of those all companies expecting no to change with his departure but the board of director of the company is saying that they need a new CEO as the focus is not right. The portfolio of Medici ventures will be growing but the speed of it will become slower compared to previous years.
They are not terminating building out the keiretsu and they went from four to 18, portfolio companies, in last couple of years.
Johnson disclosed support for many blockchain projects saying the digital retail platform could start receiving more cryptocurrencies as payment methods when he has no plan at this stage about where to take Overstock. He wants Overstocks accepting ravencoin. He thinks he is fully backward what they are doing at Tzero. Tzero has seen a limited amount of trading volume from the very beginning of the its launch. Johnson thinks about bringing in quality tokens not putting it on a timeline. Two other portfolios will be continued by Medici for example he mentioned Voatz and Bitt. He envisions in near future people will be voting on mobile phones on a blockchain app and it will make them wonder. Overstock will hold an investor call on Aug. 26 where he will seek to reassure. They should see it just as a passing of the baton.