According to CEO of the retail giant Overstock, Patrick Berne, Soros’s investment fund Quantum Partners LP repurchased the company’s shares for $ 100 million.
Almost all of the raised amount will be used to finance various block projects, including $ 20 million for the development of the blockhouse company DeSoto Inc., specializing in the management of property rights.
“By introducing block technologies into retail business, we can create a” wormhole “between the universes of traditional and crypto-currency business, ” Bern stressed.
He claims that the company intends to actively integrate blocking technology into virtually all its business processes.
Recall that Overstock was among the crypto pioneers among retailers, having introduced payment by bitcoins as early as 2014. Overstock’s share price has more than doubled over the past year, due to the optimal combination of developing retail online trading, the crypto currency mania and the efforts made by its CEO, which is always open to new ideas.
To date, the company’s market capitalization has reached $ 1.3 billion.
The activities of the above-mentioned blocking company DeSoto Inc. is built on the use of decentralization technology to legitimize the rights of people in the mineral wealth-rich areas of Peru, who are faced with the fact that their property is transferred to mining companies without adequate compensation.
In this case, the technology is used to support the claims of victims when seeking compensation for damages.