Overstock’s Medici Ventures Uses Ravencoin Blockchain for Equity Purchase in Chainstone Labs – Completes $3.6 Million Securities Token Transfer

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Leading blockchain accelerator and a subsidiary of Overstock.com – Medici Ventures, has pulled off a digital securities token transfer representing its equity ownership in Portsmouth, New Hampshire-based Chainstone Labs.

The digital security was issued by Chainstone Labs to Medici Ventures using the Ravencoin blockchain.

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“It is natural that since we focus on securities tokens that we have a digital security for the equity in our own company. The ease of moving digital securities has the potential to change the way the global economy works. Medici Ventures has the operational expertise to help us pursue this market,” said Fenton, who is also on the board of both Medici Ventures and tZERO, another Medici Ventures portfolio company. “Ravencoin is an ideal protocol and chain to use for this security token. The aim of Ravencoin is to do one thing and do it well: help users issue tokens and digital assets securely. Tokens, particularly securities tokens, are a promising area for blockchain technology.”

“Chainstone Labs shares the same vision of Medici Ventures: blockchain is the future and using it to make transactions faster, more secure, and completely transparent will change the world,” said Jonathan Johnson, president of Medici Ventures. “Our mission is to use blockchain to democratize capital, eliminate the middleman, and re-humanize commerce. We believe our equity purchase in Chainstone Labs is a huge step forward in that mission as Chainstone will help change the landscape of the global economy.”

The transaction was broadcast in real-time to show the simplicity of transferring equity using tokens as digital securities. Ravencoin is an open-source, public blockchain built to help users create and manage tokens and digital assets such as securities.

A video of the transaction can be viewed here:

The Chainstone digital security token is one of the first equity tokens issued using a public blockchain and is believed to be the first major security token issued on the Ravencoin network. Ravencoin was announced on October 31, 2017 and launched as a network on January 3, 2018. Ravencoin has been able to support the issuance of tokens since November 5, 2018. Medici Ventures is an active supporter of Ravencoin, an open-source project dedicated to the creation and peer-to-peer transfer of assets.

Chainstone Labs is a startup focused on digital securities and decentralized asset management. The company, founded by CEO Bruce Fenton, owns Atlantic Financial, a full-service investment firm and the Satoshi Roundtable, a leading invitation-only gathering of industry members.

Medici Ventures purchased a 29 percent stake in Chainstone Labs for $3.6 million. This equity purchase was first disclosed in the Q3 2018 earnings reporting of Medici Ventures’ parent company Overstock.com, Inc. on November 9, 2018. The equity token is not offered to the public.

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST
2015), a partner at ICO services collective Token.Agency
($750m+ and 90+ ICOs and STOs), director of education company
Blockchain Partners
(Oracle Partner) and ICO event organiser
at leading industry event CryptoFinancing (Europe's first ICO event now
branded Tokenomicon)
– Vancouver native Richard Kastelein is an award-winning publisher,
innovation executive and entrepreneur. He sits on the advisory boards
of some two dozen Blockchain startups and has written over 1500
articles on Blockchain technology and startups at Blockchain News and
has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.  Irish Tech News put him in the top
10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of
Blockchain
at China's first Blockchain University in Nanchang
at the Jiangxi Ahead Institute of Software and Technology. In 2018 he
was invited to and attended University of Oxford's Saïd Business School
for Business Automation 4.0 programme. Chevalier (Knight) - Ordre des
Arts et des Technologies at Crypto Chain University and an Advisory
Board Member of International Decentralized Association Of
Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member
at U.S. Blockchain Association. Over a half a decade experience judging
and rewarding some 1000+ innovation projects as an EU expert for the
European Commission's SME Instrument programme as a startup assessor
and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain
technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels,
Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki,
London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San
Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel
Aviv,  Utrecht, Venice,  Visakhapatnam, Zwolle and
Zurich.  His network is global and extensive.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has
ranged from the Canadian Native Press (Arctic) to the Caribbean
& Europe. He's written occasionally for Harvard Business
Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work
and ideas have been translated into Dutch, Greek, Polish, German and
French. A journalist by trade, an entrepreneur and adventurer at heart,
Kastelein's professional career has ranged from political publishing to
TV technology, boatbuilding to judging startups, skippering yachts to
marketing and more as he's travelled for nearly 30 years as a Canadian
expatriate living around the world. In his 20s, he sailed around the
world on small yachts and wrote a series of travel articles called,
"The Hitchhiker's Guide to the Seas' travelling by hitching rides on
yachts (1989) in major travel and yachting publications. He currently
lives in Groningen, Netherlands where he's raising three teenage
daughters with his wife and sailing partner, Wieke Beenen.

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