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Struggling Retailer Overstock Turns To Crypto To Survive

For everyone, cryptocurrencies mean a different thing: for some, they are bad mock currencies designed to circumvent laws and make online crime a little safer for criminals, and for some, they are highly volatile investment instruments that serve to earn (or lose) big quantities of money in no time. But for Overstock, a struggling American retailer, it has been an instrument to cling on once their main business went down as their main source of income.
Overstock was at first a competitor to Amazon, the legendary sell-it-all behemoth. It is based in Utah and it retailed pretty much all things putting emphasis in furniture and home appliances. But since long ago their business model failed, and they were losing money badly. But according to latest statements from the company CEO Patrick Byrne, they are doing a hard turn on its business by spending less on their retailing unit and directing more of its resources to a subsidiary cryptocurrency startup called tZero, the cryptocurrency that they plan to launch in the near future.
They have also announced plans to sell their retail unit and dedicate only to their non-tangible assets division. This means that they will make the crossover to a cryptocurrency-only business from a traditional retail unit. Their love for crypto is not a newfound one: they were one of the first retailers to accept bitcoin, the original cryptocurrency, as a mean for making payments online to acquire their products.
This choice of turning to new techs is becoming a trend lately: IBM also has had a little rebirth as a software company that focuses mostly in their blockchain-based cloud business to get out of a loss spiral that had them losing money for months. But now they have started earning money again and have interesting banking projects and have also backed up a cryptocurrency with their tech and expertise.
And it seems that this is indeed the right path to take because this week they announced a heavy investment of a Hong Kong-based company called GSR Capital that agreed to invest more than 200 million dollars in their crypto offshoot, and buy more than 30 million dollars of tZero according to CNN. This is indeed great news for them and could mean that they are planning to launch the digital asset much more quickly now.
Another company that saw the opportunity to grow and be transformed into something more to stay alive thanks to blockchain and cryptocurrency tech.

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