The company’s former CEO, Patrick Byrne, was notoriously invested in the world of cryptocurrencies and blockchain technology. Now even after he has left the company, Overstock continues to be increasingly interested in the technology behind cryptocurrencies.
Blockchain and machine learning
The new research center, located in Sligo, Ireland, will aim to boost the e-commerce sector by upgrading and developing blockchain and machine learning technologies.
According to an official company press release, Overstock has poured more than one million euros into the project.
The Sligo tech park has become a favorite location for the e-commerce giant, which has more than 80 different departments working there. According to their business plan, the new research and development center will open more than twenty working spaces for blockchain and machine learning specialists.
Changes in leadership
The past several months have been a turbulent time for Overstock in terms of management and leadership.
On 22 August, Patrick Byrne stepped down from his position as CEO, after information leaked that he was part of a Russian espionage mission. Consequently, Mr. Byrne sold all his shares in Overstock, which amounted to around $100 million.
What is more impressive is that Mr. Byrne decided to invest all of his share rewards in cryptocurrencies and precious metals.
While Mr. Byrne is no longer the CEO of the company, Overstock recognizes the potential blockchain and machine learning technologies have. This is why the company is actively looking to develop new solutions in this field.