Medici Ventures Announces Investment in Bitsy

Wednesday, March 14, 2018 12:00 PM UTC

SALT LAKE CITY, March 14, 2018 -- Medici Ventures, a global leader in advancing blockchain technology, announces an investment in Bitsy, a Utah-based company building a blockchain-based bridge between FIAT and crypto currencies.

“Bitsy and the work it is doing dovetails perfectly with Medici Ventures’ goal of investing in companies that are democratizing capital by eliminating middlemen and re-humanizing commerce,” said Medici Ventures President Jonathan Johnson.

In addition to the financial investment, Johnson was named to Bitsy’s board of directors.

Medici Ventures is a wholly-owned subsidiary of Overstock.com founded in 2014 with the mission to accelerate blockchain technology. Medici Ventures strategically invests in companies that apply blockchain technology to industries including capital markets, banking and money, identity, land titling and property rights, and voting.

“It’s exciting to partner with another Utah-based company in this venture,” Johnson continued. “This partnership is another indication that Utah’s Silicon Slopes community is changing the landscape of our world through technology.”

About Medici Ventures:

Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc., created to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions. Medici Ventures has a growing portfolio of groundbreaking blockchain-focused investments, including tZERO.com, Peernova, Bitt, SettleMint, Factom, and IdentityMind, Spera and Symbiont. The company’s majority-owned financial technology company, tZERO, executed the world’s first blockchain-based stock offering in December 2016.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-Q for the quarter ended September 30, 2017, which was filed with the SEC on November 8, 2017, and any subsequent filings with the SEC.

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