Overstock subsidiary Medici Ventures is investing in a software firm looking to store grain transactions on a blockchain.
The company announced Tuesday it was purchasing $2.5 million of equity stake in GrainChain, a nearly six-year-old company which develops software tools to aid farmers and purchasers in the grain industry. Medici's purchase gives it a 10 percent ownership stake in the company, with the option to purchase another 10 percent at a future date.
While GrainChain originally developed internet of things-focused software, CEO Luis Macias told CoinDesk that the company began looking into utilizing a blockchain ledger about two years ago.