US online retailer Overstock invests $5m in blockchain tech company

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Overstock has invested $5 million in blockchain technology specialist Peernova as part of a move to increase investment in blockchain and decentralised ledger-based technology providers.

The investment, which came during the second part of Peernova’s series A financing, is a vote of confidence in the decentralized ledger-based technologies Peernova is currently building, general manager of Overstock’s Cryptocurrencies Group Judd Bagley told CoinDesk. Bagley also suggested that the retailer might expand its venture finance investments in blockchain and decentralised ledger-based technology providers.

Peernova was formed through a merger between cloud mining contract provider CloudHashing and ASIC hardware designer HighBitcoin in early 2014, and raised $8.6 million in funding last December. Peernova has been trying to accelerate its shift away from mining since the merger.

While the HighBitcoin brand has been discontinued, CloudHashing is facing criticism from the bitcoin community, with many users still trying to reach the company with complaints, including loss of money on mining contracts.

This latest injection of funding has increased Peernova’s total to-date financing to $19 million in equity and debt financing.

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