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.