SALT LAKE CITY – October 14, 2019 – Overstock.com, Inc. (NASDAQ:OSTK) announced that
Medici Land Governance (MLG), its blockchain subsidiary focused on land administration, has
signed a Memorandum of Understanding (MOU) with the Government of St. Kitts and Nevis to
develop a cadaster system incorporating high-resolution aerial imagery of St. Kitts’ parcels to be
integrated into their current land administration system. A cadaster is a visual representation of
land and other real property showing the location and extent of property often with imagery and
diagrams.
“This is another auspicious achievement as Medici Ventures advances its innovative mission to
build a foundation of blockchain technology with an empowering impact on the daily life,
business, governance, and economy of nations. This agreement between St. Kitts and MLG is
in addition to the precedent-setting agreement our blockchain-meets-central banking company
Bitt signed earlier with the Eastern Caribbean Central Bank, also headquartered in St. Kitts,”
said Jonathan Johnson, interim CEO of Overstock and president of Medici Ventures. “Our
technology stack for society is getting traction in this forward looking country.”
As part of the larger group of 18 keiretsu companies under Medici Ventures, MLG’s expertise in
blockchain-based land administration incorporates numerous specialized technologies. For this
project, MLG will capture and incorporate high-resolution aerial imagery into a cadaster system
that St. Kitts can integrate with its land administration system. This will significantly aid in
estimating property and building size and value, and by taking into account St. Kitts’ valuation
and assessment policies, the government can derive more accurate information for taxation and
land-related revenue generation.
“MLG is delighted to play a substantial role in St. Kitts’ significant undertaking of
institutionalizing a true 21st century land administration system,” said Ali El Husseini, PhD, CEO
of Medici Land Governance. “This project is an excellent opportunity for MLG to demonstrate
the technological expertise of a major component of its services and products for high-tech land
information and management systems, which can empower the economic potential individually
and collectively in many countries.”
With this project, MLG continues to expand its global presence with ongoing projects in Zambia,
Rwanda, Liberia and Mexico. Earlier this year, MLG completed a project in Wyoming’s Teton
County, making it the first county in the U.S. to record land information (including warranty
deeds, mortgages, release of liens, and other similar documents), on a blockchain platform.
Medici Land Governance was founded in 2018 to put the power of property ownership and
equity into the hands of individuals by applying blockchain and other technologies to provide
low-cost, easy-to-use land administration systems. MLG is a subsidiary of Medici Ventures,
Overstock.com’s wholly-owned blockchain accelerator. Medici Ventures’ mission is to introduce
blockchain technology to existing markets to democratize capital, eliminate middlemen, and rehumanize commerce.
Today, Medici Ventures oversees a global keiretsu of companies building the foundation of a
technology stack for civilization based on trust systems that utilize blockchain and other related
technologies instead of rent-seeking middlemen. Medici Ventures’ network of companies are
introducing blockchain technologies to industries such as identity, land governance, money and
banking, capital markets, supply chain, and voting.
About Medici Land Governance
Medici Land Governance leverages blockchain and other technologies to support land governance, titling,
and administration with a secure public record of land ownership. With land records stored on the
blockchain, land ownership is standardized and can be recognized by local and global economies.
Blockchain applied to land improves lives, stimulates economies, and strengthens communities. Medici
Land Governance supports agencies in the digitization of their current records, engendering trust and
security in data by diminishing human error and accidental damage to records.
About Overstock.com
Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures’ tZERO
platform: OSTKP) / Series B Preferred (OTCQX:OSTBP) is an online retailer and technology company
based in Salt Lake City, Utah. Its leading e-commerce website sells a broad range of new products at low
prices, including furniture, décor, rugs, bedding, home improvement, and more. The online shopping site,
which is visited by nearly 40 million customers a month, also features a marketplace providing customers
access to millions of products from third-party sellers. Overstock was the first major retailer to accept
cryptocurrency in 2014, and in the same year founded Medici Ventures, its wholly-owned subsidiary
developing and accelerating blockchain technologies to democratize capital, eliminate middlemen, and
re-humanize commerce. Overstock regularly posts information about the company and other related
matters on the Newsroom and Investor Relations pages on its website, Overstock.com.
