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Medici Ventures Keiretsu Companies GrainChain and Symbiont Working Together to Expand Global Operations

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GrainChain to expand to numerous countries in 2020 using Symbiont’s Assembly™ enterprise blockchain solution
SALT LAKE CITY, March 27, 2020 (GLOBE NEWSWIRE) — Medici Ventures, the wholly owned blockchain accelerator of Overstock.com, Inc. (NASDAQ:OSTK), announces that two of its keiretsu companies, GrainChain and Symbiont, are working together to expand GrainChain’s global operations through the use of Symbiont’s blockchain solution. GrainChain, a blockchain-powered agritech company, is utilizing Symbiont’s Assembly™ enterprise blockchain network to improve platform performance and privacy features. Assembly™ has allowed GrainChain to significantly increase the number of farmers, buyers, and grain elevators using its products.“Medici Ventures encourages its keiretsu companies to find synergies among the group to build world-changing technologies. We’re pleased to see these two keiretsu companies working together to build meaningful technology that benefits everyone in the global agricultural community,” said Jonathan Johnson, CEO of Overstock.com and president of Medici Ventures. “GrainChain and Symbiont’s goals align directly with ours, as the companies are working to eliminate middlemen, democratize capital, and re-humanize commerce through the use of blockchain technology.”GrainChain’s innovative platform allows for quicker payments between farmers and buyers while offering immediate availability of tradable commodities. GrainChain currently has operations in Texas, Mexico, and Honduras, with plans to expand to several new countries in 2020.Symbiont is an enterprise fintech company building the next generation of financial markets infrastructure on a foundation of blockchain technology. Symbiont’s Assembly™ blockchain platform provides privacy features and seamless scalability and allows its customers to build networks where numerous, independent entities may view and share data in real time.“GrainChain’s goal is to continue to grow into new countries to help support farmers around the globe, and Symbiont’s blockchain platform is the solution that will help us reach that goal,” said Luis Macias, CEO and founder of GrainChain. “By utilizing blockchain technology in our supply chain operations, each stakeholder in the agriculture ecosystem receives fair value and prompt payment, which is something we believe every buyer and farmer should have access to.”“Assembly™ will bring efficiencies to GrainChain’s operations while allowing the company to continue to empower farmers around the globe,” said Mark Smith, Symbiont CEO. “GrainChain’s work in reducing frictional costs for both farmers and buyers helps everyone in the ecosystem, and Symbiont is pleased to support GrainChain’s expansion to bring this important technology to the global agricultural community.”Medici Ventures, Overstock.com’s wholly owned blockchain accelerator, was founded in 2014 with a mission to change the world by accelerating the adoption of blockchain technology, in order to fundamentally change the way in which we transact. Medici Ventures’ keiretsu of companies are introducing blockchain technologies to industries such as identity, land governance, money and banking, capital markets, supply chain, and voting. Medici Ventures is also committed to increasing public awareness and understanding of the use cases for and corresponding value of blockchain technology through public engagement and policymaker outreach.About GrainChain
GrainChain was founded in 2013 with the goal of using technology to empower farmers and level the playing field in the global agricultural market. Our innovative, blockchain and IoT-based suite of products allows producers, buyers and storage operators to accurately, efficiently and reliably buy, sell and track commodities throughout the supply chain, from farm to market.
About Symbiont
Symbiont is the enterprise fintech company creating the next generation of financial markets infrastructure using blockchain technology. Assembly™, Symbiont’s enterprise blockchain platform, creates efficiencies, eliminates manual data replication and reconciliation processes, and enables real-time data sharing with complete privacy. The world’s leading financial services firms, including Citi, Nasdaq, Ranieri, Templum and Vanguard, choose to work with Symbiont to solve their toughest business problems. With offices in New York and Amsterdam, Symbiont is led by a team of experts in capital markets and blockchain technology. To learn more about Symbiont, please visit symbiont.io or contact the team at [email protected].
About Medici Ventures
Launched in 2014, Medici Ventures is a wholly-owned subsidiary of Overstock.com, Inc. created to leverage blockchain technology to solve real-world problems with transparent, efficient, and secure solutions. Medici Ventures has interests in a global keiretsu of groundbreaking blockchain-focused companies focused on building the foundation of a technology stack for civilization. Medici Ventures’ companies are introducing blockchain technology to industries including identity, land governance, money and banking, capital markets, supply chain, and voting. The company’s majority-owned financial technology company, tZERO, executed the world’s first blockchain-based stock offering in December 2016.
About Overstock
Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Digital Voting Series A-1 Preferred Stock (Medici Ventures’ tZERO platform:OSTKO) / Series B Preferred (OTCQX:OSTBP) is an online retailer and technology company based in Salt Lake City, Utah. Its leading e-commerce website sells a broad range of new home products at low prices, including furniture, décor, rugs, bedding, home improvement, and more. The online shopping site, which is visited by nearly 40 million customers a month, also features a marketplace providing customers access to millions of products from third-party sellers. Overstock was the first major retailer to accept cryptocurrency in 2014, and in the same year founded Medici Ventures, its wholly owned subsidiary dedicated to the development and acceleration of blockchain technologies to democratize capital, eliminate middlemen, and re-humanize commerce. Overstock regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages on its website, Overstock.com.
O, Overstock.com, O.com, Club O, Main Street Revolution, and Worldstock are registered trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact, including but not limited to statements regarding Overstock’s expectations regarding Symbiont and GrainChain. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company’s Form 10-Q for the quarter ended December 31, 2019, which was filed with the SEC on March 13, 2020, and any subsequent filings with the SEC.SOURCE: Overstock.com, Inc.Media Contact:
[email protected]
Investor Contact:
[email protected]

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Central banks and the FinTech sector unite to change global payments space

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The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

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TD Bank inks multi-year strategic partnership with Google Cloud

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TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.

Source: fintechfutures.com

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MAS launches transformative platform to combat money laundering

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The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.

According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).

Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.

Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.

Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.

Source: fintech.global

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