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Medici Ventures, a wholly-owned blockchain subsidiary of Overstock.com, has purchased a 5.1 percent stake in blockchain banking startup Bankorus.
Founded in 2013, Bankorus is a blockchain banking platform focused on custody, lending, and exchange of assets on the blockchain. It allows individuals and institutions to securely buy, sell, store, and lend digital assets.
Bankorus is led by CEO Greg Van den Bergh, the co-founder of the business and creator of the first robo-advisor in China, and Eagle An, the former acting head of wealth management at CreditEase. It said that its platform is being built to meet applicable regulatory requirements, and to support innovation around digital assets and blockchain applications.
“The addition of Bankorus to Medici Ventures’ portfolio of companies will further our work in building the foundation of a blockchain-based technology stack for society,” Jonathan Johnson, president of Medici Ventures, said.
“Bankorus has built a revolutionary blockchain banking platform that dovetails nicely with Medici Ventures’ goals of eliminating middlemen, democratizing capital, and rehumanizing commerce by helping individuals access and control their own digital assets.”
Medici Ventures was founded in 2014, and currently oversees a global portfolio of companies, including Factom, Ripio, Voatz, and others, which apply blockchain technology to existing markets.
