Overstock appoints former Utah gubernatorial candidate as chairman of Medici, its blockchain company

Rage Review : E-commerce giant Overstock announced this week that Jonathan Johnson, chairman of the board and former Utah gubernatorial candidate, will take the position of chairman of its subsidiary Medici, which aims to explore the potential applications of blockchain technology. Medici has always made many efforts to lead innovation in the capital market. Johnson represented the company's public image at a hearing with New York regulators in the past, discussing how Bitcoin provides opportunities for mainstream suppliers and elaborating on the benefits of Bitcoin payments to consumers. BitLicense was created after the meeting.

Translation: Nicole

Overstock, bitcoin’s most innovative company, has a new head of blockchain.

E-commerce giant Overstock announced this week that Jonathan Johnson, chairman of the board and former Utah gubernatorial candidate, will assume the role of chairman of subsidiary Medici, which was launched in 2014 to explore potential applications for blockchain technology. Johnson will remain chairman of the board.

In the statement, Patrick Byrne praised Johnson as the best candidate for the position and praised Medici's efforts to lead innovation in the capital markets.

Patrick Byrne

“Jonathan and I share the same instincts in our pro-freedom stance, so he shares my excitement about the transformative potential of blockchain technology, which can make society less dependent on centralized institutions like rent-seeking apps,” Byrne said.

According to the announcement, Johnson will oversee Medici’s projects, including Signature and various investments in bitcoin and blockchain companies, including Bitt and Peernova.

The move to designate a person in charge may not seem surprising, as Johnson has been the public face of the company in the past. In January 2014, he appeared before New York regulators at a hearing that led to the creation of the BitLicense.

During the event, Johnson discussed the opportunities Bitcoin presents to mainstream vendors, while also elaborating on the benefits of Bitcoin payments for consumers.