Overstock's blockchain project has spent more than $3 million

According to CoinDesk on November 11 , the well-known American online retailer Overstock has spent as much as $3.2 million on blockchain projects in the past three months. The company's published report shows that the company may spend $ 8 million on the Medici project , and the blockchain trading platform tØ is one of the directions of its efforts.

In a letter to shareholders, Overstock CEO Patrick Byrne said expenses could be higher given costs. He wrote:

“ We try to keep direct costs for Medici to about $ 8 million. ”

Byrne believes that the company should separate the blockchain trading platform from the Overstock e-commerce platform and set up a separate department.

“ For obvious reasons, I do not believe that blockchain platforms can be managed alongside our online platforms, and blockchain projects are being actively explored with an eye toward maximizing shareholder value, ” Byrne wrote.

In the note, Byrne also pointed to the company’s acquisition of Wall Street broker SpeedRoute in August as a test bed for the launch of its blockchain trading platform. The company said it expects to see further investments and acquisitions around the Medici project.

The company did not immediately respond to a request for comment.