The retail giant Overstock, which is behind the development of a platform for trading tZero security tokens, has no plans to sell its traditional business for investments in the development of the blockchain direction. It is reported by CoinDesk, with reference to the head of the company Patrick Byrne.
“It's like making a soufflé, you see. The souffle is ready when it is ready, ” Byrne said during a conference call on the results of the fourth quarter.
It is noteworthy that in the annual report for the US Securities and Exchange Commission (SEC), Overstock acknowledged that the sale of the retail business would lead to a significant drop in the company's profits.
“Our retail business is relatively mature and predictable. If we talk about Medici Ventures, the history of this initiative is too short: the profits are insignificant there, the costs and losses are high, and the uncertainty is too high. ”
Note that in the fourth quarter, the loss of tZero and Overstock before taxes was $ 12.4 million and $ 27.7 million, respectively.
It also became known that the launch of cryptocurrency trading on tZero will be held in June 2019, but the company has not yet disclosed the details.
Early last year, the SEC launched an investigation into the tZero tokensale, which continues to this day. This probably also puts pressure on company resources.
Recall the price of the token TZROP has fallen by more than 50%.
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