Medici invested 2 million dollars in ID-Start-up

The risk kapitalarm from Overstock, Medici Ventures, supports Blockchain-Start-up Evernym. This developed Autonomous ID-networks. The investment of US $ 2 million is used for the development of Evernyms platform and the support of Medicis identity of the area. Medici aims in a joint project, the simplification of processes by using the Blockchain. Other companies are interested in identity management, based on the Bitcoin technology.

From Polina Khubbeeva
At the 1. October 2019BTC$8.253,78 -1.11%part Facebook Twitter LinkedIn xing mail

According to a press release from the 26. September Overstocks Venture Capital Arm, Medici had invested $ 2 million in crypto-Start-up Evernym. Evernym a company with headquarters in Salt Lake City, which identity networks on the Blockchain-base is developed.

Medici is now a part of the agreement, with the name Simple Agreement for Future Equity (SAFE). The SAFE was on 4. September decided, and allowed the Medici Ventures, his Investment in the next financing round will directly be converted into shares. The Overstock daughter is in the context of a SAFE, so a key Investor in Evernym.

Evernym uses the Blockchain technology for the development of individual identity products that give back control of data to the user. In particular, it is important to make the ID information through a decentralized System of digital vertices safer. Medici benefits of the technological infrastructure of the Start-ups.

Meanwhile, Joel Weight, COO at Overstock and President of Medici Ventures is shown, proud of the investment decision. He says: "Evernym bridged designs, the gap between the apparent Identity and real sovereignty in the case of identities. The platform allows any Person, organization, and any object in the possession of an independent identity.“ Furthermore, it is planned that Evernym supports the identity of the field of Medici. This will go to the technological development of the government services for the population.

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Medici is a wholly-owned subsidiary of Overstock.com. The investment arm is, in particular, to the adaptation of the Blockchain. This capital should be democratized by using the technology of Bitcoin & co. middle men will be eliminated. To Medici also tZERO, a FinTech company that offers, among other things, a Security Token. Recently must fight back Overstock in court against allegations of securities fraud.

Meanwhile, Medici Ventures is not the only company that is interested in new forms of ID systems. The ID-Management-Protocol uPort developed in a cooperation between Onfido and PwC identity systems on a Blockchain-based. The project, which is supported by ConsenSys, recently announced the work on an appropriate project for the UK financial sector. Basically, the interest in identity storage and management on the Blockchain increases. Thus, the calculus, decreases the risk for identity theft, and data manipulation.

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