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Bankorus sells 5.1 percent stake to Medici ventures

Medici-Ventures

Bankorus, a blockchain banking startup, sells 5.1 percent of its equity stake to Medici Ventures, Overstocks blockchain investment arm.

Overstock announced the investment on Monday stating the startup’s blockchain platform allows its users to buy, sell, store and lend cryptocurrency “securely.”

Jonathan Johnson, President of Medici Ventures stated: “The addition of Bankorus to Medici Ventures’ portfolio of companies will further our work in building the foundation of a blockchain-based technology stack for society.”

He added: “Bankorus has built a revolutionary blockchain banking platform that dovetails nicely with Medici Ventures’ goals of eliminating middlemen, democratizing capital, and rehumanizing commerce by helping individuals access and control their own digital assets.”

The Beijing based startup is on a mission to redirect more than $60 trillion in traditional assets which are held by high net worth individuals to cryptocurrencies.

The startup is also aiming to turn traditional illiquid assets like real estate, bonds, hedge funds and art into liquid digital assets.

Medici Ventures has over 20 companies in its portfolio with this new investment.

Last year in December, Medici ventures purchased a 29.6 percent stake in Chainstone Labs for $3.6 million.

About the author

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Joel Picardo

Joel Picardo has been in the Cryptocurrency space from the last 2 years and got to know about it through his mentor Arvind Borhade (CTO at U.CASH). He is also currently managing the operations at UCASH India. He is an individual filled with optimism and destined to be a billionaire in the future. His work ethic and dedication are second to none. He believes that the Blockchain would create many peer to peer decentralized originations. Other than exploring the potential of Blockchain, Joel loves to test all the latest gadgets in the market and give honest reviews and opinions for the same.

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