Troubled online retailer Overstock has invested $2 million USD in blockchain-based identity firm Evernym through its crypto division, Medici Ventures.
Blockchain-Based Identity Technology
Evernym was founded in Salt Lake City in 2013 and has developed a blockchain-based technology that allows organizations and governments to issue, accept, and verify credentials that operate similarly to a digital passport. Its digital credential platform, Verity, allows organizations to interact with customers while giving clients control over their data. The technology utilizes blockchain to develop a decentralized ecosystem of digital credentials that is more trustworthy than physical credentials. Overstock’s investment will be used to help Evernym scale its operations.