Overstock Reports that its Transfer of Blockchain Investments to Pelion Venture Partners is Complete
Overstock (NASDAQ:OSTK) has announced that its blockchain subsidiary,
Medici Ventures, has been successfully transferred to
Pelion Venture Partners.
In early 2021, Overstock announced that had migrated Medici Ventures to a limited partnership while partnering with
Pelion Venture Partners to act as the general partner of the fund. At that time, Overstock said it would be a limited partner in the fund. The shift in strategy was a dramatic retreat away from blockchain technology and a firm commitment to Overstock as a standalone e-commerce platform. Under former CEO and founder Patrick Byrne, the company was aiming to exit e-commerce and focus solely on blockchain technology.
MX Joins Forces With FormFree to Speed Up Loan Approval Process & Close More Than One Million Loans
MX announced on Tuesday it has partnered with digital asset verification platform
FormFree to speed up loan approval processing and close more than one million loans. According to MX, FormFree improves lenders’ ability to make more informed decisions about borrowers and minimizes lenders’ risk while creating a seamless loan application experience for borrowers
“By using MX’s modern connections, the average aggregation time for FormFree connections decreased by 89 percent to 22 seconds from an average of 3 minutes and 30 seconds.”
While speaking about the partnership,
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the fourth-quarter 2020 Overstock.com earnings conference call. [Operator instructions] Please be advised that today s call is being recorded. [Operator instructions] I would now like to hand the call over to Alexis Callahan. Please go ahead.
Alexis Callahan
Director of Investor Relations
Thank you, operator. Good morning, and welcome to Overstock s fourth quarter and full-year 2020 earnings conference call. Joining me today are Jonathan Johnson, CEO; and Adrianne Lee, CFO. Dave Nielsen, president of Overstock, will be available for Q&A.
Please note that we are conducting today s call remotely. Let me remind you that the following discussion and our responses to your questions reflect management s views as of today, February 24th, 2021, and may include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results
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