Overstock’s interim CEO Jonathan Johnson has said that the company will not put the brakes on the firm’s shift from online retailer to blockchain financer/developer which was started by former CEO Patrick Byrne, who left the company last week. Johnson, who will add CEO duties to his current role as joint head of the company’s blockchain division, Medici Ventures, told Time magazine that the blockchain venture is a long-term goal that will continue, regardless of who is in the CEO’s chair.
Overstock Vision is “Not Changing”
Byrne took the decision to step down last week after his comments regarding an affair with a now-jailed Russian spy became public and gained national coverage, wiping millions off the share price at a time when discussions to sell the company were ongoing. Johnson stated in the interview that he is a “full-on believer” in the company’s blockchain-focused future and that wasn’t about to change:
I’ve talked to each of the executives. They know that our vision is not changing. They know that our focus isn’t changing. And much of what is credited to Patrick, has been put in place by the current team anyway. As far as focus of the company, that’s not going to change.
Medici Looks to the Future
In contrast to Overstock’s retail arm, Medici Ventures has had a great 2019, overseeing the release of the tZero exchange and wallet with more developments in the works. The holders of the Overstock purse will be pleased to hear this after the project was accused of burning through millions of dollars in 2018. Overstock is one of a select few multimillion-dollar businesses actively involved in blockchain in the US, and if it can carve out a niche for itself it has the potential to put this difficult transitional period behind it and become a major player in blockchain’s commercial future.
