Sunday, November 29, 2020

Overstock expanding blockchain arm tZero in Ireland

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United States’ retail giant Overstock is reportedly expanding its blockchain wing tZero with new hires in Ireland.

The Utah-based e-commerce company is seeking to hire software and devops engineers to work on its blockchain and security token subsidiary tZero, local tech news agency Silicon Republic reported on Nov. 10.

As reported, the new hires for tZero are part of a new team at Overstock’s headquarters in Sligo in western Ireland. The online retail company already employs 90 people working in AI, research and development, and machine learning.

Senior development manager at Overstock John Forde said that tZero operates in a “fast-growing digital securities market,” stating:

“It is an exciting time for Overstock Ireland to be working with tZero to expand into this area. It provides diversity in terms of both technology and business domain and enables us to provide exciting and challenging roles here in the northwest.”

According to Overstock’s Q3 2020 earnings report, tZero increased its revenue by 97% year-on-year to $11.1 million in the first quarter of 2020. However, tZero was still unprofitable, losing $12.3 million in Q3.

Overstock was one of the first major mainstream companies to announce Bitcoin (BTC) support. After launching tZero security token exchange in late 2016, Overstock also completed a $134 million initial coin offering for tZero in August 2018.