ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Wednesday Dec 13th 2017
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Overstock.com Q1 Report Indicates Continued Support of Medici Blockchain

By

Jeremy

Nation

WriterETHNews.com

Overstock.com will continue funding the Medici blockchain project despite expected future losses.

Overstock.com founder and CEO Patrick M. Byrne believes in the efficacy of blockchain technology, and he’s staked millions on the company’s Medici platform.

"Our Medici business cost us $8.0 million pre-tax in the first quarter, which included a $4.5 million impairment charge related to our investment in Peernova," said Byrne. "However, 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."

Released May 4, the Q1 2017 report for Overstock outlines earnings, expectations, and goals for the coming year, including continued support for their Medici blockchain, which will likely cause the company to incur near term losses and additional expenses. To hedge its bets, Overstock will investigate other options, such as raising capital or divestiture.

Overstock closed the first quarter with an uptick in revenue to the tune of five percent at $432 million versus Q1 2016 at $413.7 million. Despite this gain, the company still posted a loss on net income for Q1 2017, partly due to a $4.5 million impairment charge. Comparisons to Q1 2016 net income of $13.4 million are skewed as well, due to a $19.5 settlement, an influx of income which is neither seasonal, nor repetitive.

An early adopter of blockchain technology, Overstock tapped Robby Dermody and Evan Wagner, developers of decentralized peer-to-peer exchange CounterParty, to help build the Medici blockchain in 2014.

Overstock also sought to diversify investor participation, and in December 2016 became the first publically traded company to issue stock on distributed ledger with help from blockchain technology company T Zero.

In light of its continued support despite expected expenses, Overstock's position may be an indicator for the role blockchain technology will manifest in the future.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Overstock, Blockchain or other Ethereum business and finance news.