oct 7, 2014 - Overstock

Description:

Originally posted on the Counterparty website, CEO of Overstock.com Patrick Byrne decided to hire Counterparty Developers to create a blockchain based system for Overstock.

They created a project code-named Medici, which was a 'front-end and portal to the decentralized stock exchange of the Counterparty platform'. Since the Counterparty Decentralized Exchange had become popular at this time, this cryptographic layer aimed to re-create the DEx while also going through a private process of regulatory compliance.

In this Coindesk article Byrne said, '[Counterparty] is true to the ethics of bitcoin, true to the open-source nature, they're true to the principles.'

While this venture was closed in April of 2021, Overstock stated in the press release, 'We remain bullish on blockchain technology and are excited for Medici Ventures to enter this new post-closing phase' and also go on to mention they would be shifting focus to their 'core e-commerce business'.