Medici Ventures, a Blockchain-oriented subsidiary of Overstock.com has announced today it will add Belgium-based SettleMint to its portfolio of investment companies.
A fintech firm specializing in developing software leveraging distributed ledger technology, SettleMint most recently released SettleMint Ballot Box, an application successfully demonstrating the ease, security and immutability of recording voting to the bitcoin Blockchain.
“Medici Ventures is immersed in a global search for outstanding companies poised to disrupt key sectors with Blockchain technology,” said Jonathan Johnson, president of Medici Ventures. “SettleMint is precisely the kind of company we hoped to find and we’re pleased to be an angel investor at such an early stage of what promises to be a very auspicious future.”
“Medici Ventures believes that Blockchain technology can replace over 100 mechanisms of modern civilization and perform their functions far less expensively, and with less risk of capture and corruption, than those functions are being performed by current social institutions,” said Patrick Byrne, CEO of Overstock. “Two years ago we identified six functions that will be fundamental to this new age, one of which was voting. Among SettleMint’s several great attractions to Medici Ventures’ capital has been their early work on Blockchain voting. The immutability and universal accessibility of the Blockchain make it the prefect technology for achieving higher confidence in the democratic process, for everyone.”
SettleMint is also making significant progress in the realm of property titling technology and procedures for simplifying ‘know your customer’ (KYC) compliance, also areas of primary interest at Medici Ventures.
In addition to joining the Medici Ventures portfolio, SettleMint will represent t0.com, Inc – also a Medici Ventures investment – as that firm seeks to expand its European presence.
“The list of Blockchain firms that Medici Ventures has invested in already and those that are seeking to join the Medici Ventures portfolio, is long and distinguished,” said SettleMint Founder and CEO Matthew Van Niekerk. “It’s very exciting to be a part of this organization, which shares our vision and determination to move Blockchain technology from the realm of theory, squarely into reality. And that it’s happening in conjunction with the release of our SettleMint Ballot Box makes this a thrilling time for our company.”
Launched in 2014, Medici Ventures was created to manage and oversee the company’s investments in firms building solutions leveraging and servicing Blockchain technologies. Medici project investments include: t0, PeerNova, Bitt.com and Identity Mind.
