Blockchain project Medici welcomes new leader, T0 and Bitt will continue to make efforts

Following the return of Bitcoin advocate, Overstock founder and CEO Patrick Byrne to Overstock, the company announced that Overstock's Jonathan Johnson will serve as president of blockchain project Medici. In the press release, Byrne said that all of the company's Bitcoin and blockchain projects will continue to grow under the leadership of the new head.

Byrne appoints new blockchain chief

(Jonathan Johnson)

According to Overstock’s press release, Byrne said: “Under Johnson’s leadership, Medici’s initial projects, including T0.COM and investments in BITT.COM, Peernova and IDENTITYMIND, will continue to grow and excel in a highly competitive and fast-growing market. In addition, Johnson will serve as chairman of the project.”

Johnson previously served as a lawyer, chief legal counsel and chief financial officer at TenFold. He joined Overstock in September 2002 as head of the legal department. Since then, he has held various positions at Overstock, including president for five years and acting CEO.

Johnson recently ran for Utah governor, and Byrne, who had worked with him for 14 years, donated about $850,000 to show his support for him. However, Johnson ultimately lost to the incumbent governor.

Overstock’s blockchain project

Overstock was not only the first major company to accept Bitcoin payments, the company has also invested in various blockchain projects.

In 2015, the company revealed that it had invested $8 million in blockchain projects. Medici's first blockchain project, t0, was launched in August 2015, and in March this year, the t0 platform was used to issue shares of Overstock. Then, in April, the company invested $4 million in Barbados-based Bitcoin company Bitt.

According to Byrne, Bitt’s vision is to create a new, Bitcoin-based economy in the Caribbean, and Bitt has partnered with the Central Bank of Barbados to begin moving toward this goal. In the coming years, Bitt plans to offer a digital form of local currency in their Bitcoin wallet, which has been approved by the local central bank.