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Byrne was one of the first supporters of Bitcoin, and his company was one of the first to bring cryptocurrencies to the digital trading space.
The joint venture takes place between the subsidiary company Overstock Medici Ventures, which manages investments by Blockchain, as well as the Peruvian economist Hernando de Soto. The venture will create a basis for local property records that will use Blockchain technology as a way of transferring rights and make ownership records more complex.
Byrne said in an interview that he plans to launch the pilot early next year. As the venture focuses, Byrne believes that one of the financing options would be to sell Overstock, in part or in whole, and use the capital to finance this new venture. To make things official, the consulting firm Guggenheim Partners has been hired to help explore possible sales options.
In statements, de Soto positioned the technology behind the new enterprise as a means to alleviate poverty. De Soto also participates in the draft land registry project with the participation of BitFury and the government of Georgia.
Overstock was a notable engine in the Blockchain space. A few years ago, the company began construction its securities exchange based on Blockchain, which last year raised $30 million in new funding.
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