Overstock has confirmed that its commitment to cryptocurrencies remains undeterred even after its pro-cryptocurrency CEO, Patrick Byrne, chose to end his close to two-decade-old association with the American online retailer.
The world’s first retail giant to accept Bitcoin in payments, announced on Aug 22, that Byrne would step down from his position as CEO in the wake of his alleged involvement with the FBI. In his resignation letter, the Overstock founder stated that his association with Russian foreign agent, Maria Butina, and participation in federal investigations has made him incapable of efficiently leading Overstock.
Few days before his resignation, on Aug 12, Bryne had made a startling divulgence that he was supposedly connected with the FBI’s investigation into 2016 presidential election and that he was “in a relationship” with the Russian spy Butina.
Following Bryne’s shocking disclosure, Overstock’s shares took a nosedive after decreasing by thirty-five percent (35%), however, turned the corner post his exit.
Leading the cryptocurrency adoption in retail
A staunch believer in cryptocurrencies and their potential in global transformation, Bryne made heads turn when Overstock became the first retailer to accept Bitcoin payments.
Under the leadership of Bryne, the e-commerce behemoth successfully launched a security tokens platform earlier this year, called tZero, which sold its native token a two hundred fifty million dollars ($250 million) ICO.
He also encouraged further developments in cryptocurrency space by announcing the donation of four percent (4%) of Bitcoin revenue to foundations setting the stage for cryptocurrencies in the world.
Overstock’s unwavering commitment to cryptocurrencies
In the interview with Yahoo Finance, Interim CEO Jonathan Johnson pledged to take his cryptocurrency legacy forward and strengthen its focus on cryptocurrencies and blockchain. However, in doing so, its retail business growth will not be compromised, he confirms.
Although Overstock reported a twenty-three percent (23%) revenue decline in this year’s second-quarter, Johnson confirmed that Overstock’s fully owned subsidiary, Medici Ventures, which was developed to oversee the organization’s investments in the blockchain arena, is doing exceptionally well and showing a promising future.