Overstock Updates tZero, Blockchain Initiatives

In its second-quarter earnings announcement, Overstock.com Inc OSTK noted positive trends with its retail and blockchain subsidiaries Medici Ventures and tZero.

Among the announcements, Medici Ventures is in talks with Facebook FB over Libra and tZero is targeting its launch of the Boston Security Token Exchange (BSTX), a venture in partnership with BOX.

The developments come as Overstock aims to exit the e-commerce business and capitalize on blockchain opportunities. So far, the company says efforts have been well received by investors and emerging industry participants.

"Our blockchain companies are at the leading edge of the blockchain revolution," Patrick Byrne, CEO and founder of Overstock said in a statement.

Overstock reported quarterly losses of 69 cents per share, which beat the analyst consensus estimate that called for a loss of 92 cents. The company reported quarterly sales of $373.7 million, which missed the analyst consensus estimate of $376.66 million.

Overstock shares traded lower by 3.1% to $20.61 in Friday's pre-market session.

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