After two decades of selling furniture, décor and anything in between, Overstock is finally selling off its retail business. And it’s doing this so that it can focus on cryptocurrencies and blockchain technology, the CEO revealed today. At a time when cryptos have experienced a bloodbath, Overstock’s decision to go all in will give many in the industry hope that the fortunes could turn as we head into the festive season. On the announcement of the new business path, Overstock’s shares surged 26 percent, a clear contrast to the performance of the crypto market today. The sale of the retail business is expected to be completed by February 2019.
Founded in 1999, Overstock served as a marketplace for surplus and returned merchandise at a time when online shopping was at a nascent stage. With time, its selection of goods has grown and is today the stockist of jewelry, kitchen appliances, clothes and apparel, furniture and more. However, the company’s founder and CEO, Patrick Byrne believes that cryptos and blockchain are the future, and he is going all in.