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Estimated Date for Selling Retail Business to Focus on Blockchain revealed by Overstock CEO, Patrick Byrne

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Overstock CEO, Patrick Byrne is planning to sell the retail part of his company by February next year, The Wall Street Journal(WSJ) reported on November 21.
Overstock is an American internet retailer company with a variety of goods and products available throughout America.

The WSJ reported on Friday that Byrne is very excited about blockchain technology and he plans to sell off his entire retail business by February 2019, though he was careful about not disclosing the terms of the agreement and who the potential buyer is.

Byrne said that the deal may not be like what people think. He said, "While it is possible that I could 'wrap up a deal by February,' I believe that the following is a more precise and accurate statement of my beliefs and intentions,".

But in another interview with FOX news, Byrne said that the deal may not be like what people think. He said, "While it is possible that I could 'wrap up a deal by February,' I believe that the following is a more precise and accurate statement of my beliefs and intentions,". He added, "I believe that the right thing to do for shareholders is to separate the value of the retail and blockchain companies (particularly tZERO), and I believe I can do that through a tax free spin-off of tZERO in 13 months (which is to say, December 2019) at the outside."

According to WSJ, Medici Venture, an Overstock blockchain-focused subsidiary has been responsible for losses in the company. Medici's total losses are amounting to as high as $163.7 million for the period of 2018. Byrne, even after the losses, is positive and optimistic about his ventures. "I don't care whether tZero [one of the projects backed by Medici] is losing $2 million a month. We think we've got cold fusion on the blockchain side," he said in the interview with WSJ.

Medici's total losses are amounting to as high as $163.7 million for the period of 2018.

Overstock supported Bitcoin by being the first company to accept payments done in BTC. According to WSJ, blockchain- driven voting for people of the states but residing in a remote location was backed by Medici. As Cointelegraph reported, 144 military personnel stationed in 24 countries were able to vote from a mobile platform Voatz.
Byrne also told the Journal that he had begun planning to sell his retail business in 2017 to primarily focus on blockchain ventures. He said he is confident that the firm will have separate blockchain and retail ventures by early next year.

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