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Overstocks Venture Arm Invests $2 Million In Blockchain ID Firm

Blockchain-based id agency Evernym has obtained a $2 million funding from Overstock subsidiary Medici Ventures, in line with a launch from the corporate.

Medici Ventures participated in Evernym’s Simple Agreement for Future Equity (SAFE), which power be transferred into most well-liked inventory at an covert date. The spherical closed earlier this calendar month with Evernym receiving funding from Medici Ventures for realizing its product.

A entirely closely-held subsidiary of Overstock.com, Medici Ventures invests in blockchain corporations and know-how. Evernym joins Netki and FinClusive as Medici Ventures’ different identity-focused portfolio firms.

Speaking in regards to the SAFE, new appointed Overstock CEO and President of Medici Ventures Jonathan Johnson declared Evernym is delivery the promise of digital identities to the world by blockchain know-how.

“Evernym is bridging the gap between the siloed approach to identity and true self-sovereign identity,” declared Johnson. “Evernym’s platform allows every person, organization, and connected matter to have an independent identity … and will help advance our government-as-a-service technology stack for civilization.”

Evernym president Steve Havas abreast CoinDesk the inauguration has been used by over 40 proof-of-concept or pilot initiatives so far and continues to work towards actualizing knowledge self-sovereignty.

“Right from the start we’ve made it a rule not to cut corners in terms of ensuring a privacy by design, privacy by default position for our products – in the end we’re designing applications that we as individuals would be happy to use.”

Johnson was appointed interim CEO of Overstock.com on Aug. 22 and full-time CEO a calendar month later, taking up when former CEO Patrick Byrne resigned after admitting an affair with Russian spy Maria Butina.

At the time of his interim appointment, Johnson declared he was dead able to run each Overstock.com and Medici Ventures.

Overstock picture by way of CoinDesk archives

Overstocks Venture Arm Invests $2 Million In Blockchain ID Firm

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Patricia Bakely

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