Medici Ventures, a subsidiary of Overstock.com that specializes in investment in blockchain technology, has made a major investment in Bitsy, a Utah-based company building a blockchain-based bridge between fiat and crypto currencies. Fiat currencies differentiate from crypto currencies in that they are recognized as legal tender by governments.
“Bitsy and the work it is doing dovetails perfectly with Medici Ventures’ goal of investing in companies that are democratizing capital by eliminating middlemen and re-humanizing commerce,” said Medici Ventures president Jonathan Johnson. In addition to the financial investment, Johnson was named to Bitsy’s board of directors.
Medici Ventures was founded in 2014 with the mission to accelerate blockchain technology, the company said in a press statement. Medici Ventures invests in companies that apply blockchain technology to industries including capital markets, banking and money, identity, land titling, property rights and voting.
“It’s exciting to partner with another Utah-based company in this venture,” Johnson said. “This partnership is another indication that Utah’s Silicon Slopes community is changing the landscape of our world through technology.”