Overstock Makes Key Executive Change at Blockchain Subsidiaries

© Reuters.  © Reuters.

Medici Ventures, the blockchain investment arm of Overstock, is reassigning a top executive to focus on revenue generation at its most prominent portfolio company, tZERO.

Steven Hopkins, the chief operating officer of Medici, planned to resign from that job to become chief revenue officer at tZERO, a regulated exchange for security tokens, according to a December 28 Securities and Exchange filing by Overstock.

The appointment was to follow the conclusion of a deal in which tZERO would buy 67 percent of the crypto wallet startup Bitsy from Hopkins and his father-in-law Richard N. Beckstrand for $8 million and the other 33 percent from Medici via a convertible promissory note worth $4 million.

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