Overstock invests $5 million in Bitcoin technology startup PeerNova

Overtstock.com has invested $5 million into PeerNova, a San Jose-based Bitcoin technology startup, as part of the second tranche of Series A funding, reported SiliconANGLE.

Describing itself as an “innovator and thought leader” in distributed trustless systems based on Bitcoin blockchain technologies, PeerNova boasts of “pioneering the disruption of the digital assets and financial transaction sectors,” reported SiliconANGLE.

The company plans to use the funds to further the development of two core enterprise products concentrated on data security and financial applications and to put together world-class product and business development teams.

Overstock CEO Patrick M. Byrne

“PeerNova’s team and depth of knowledge in this space impressed the Overstock team,” said Patrick M. Byrne, CEO of Overstock.com, in a press release. “With our knowledge of PeerNova’s projects and Overstock’s suspicion of society’s reliance on centralized systems, we believe that this collaboration forms a win-win. I believe such crypto technologies will solve many social problems that flow from our society’s reliance on centralized systems.”

Naveed Sherwani, PeerNova’s president and CEO, said Overstock.com’s investment “is a result of the meaningful progress that PeerNova is making in its efforts to bring blockchain-based applications to the enterprise at scale. We are elated to have Overstock, an early adopter of crypto currency, participate in this strategic funding round. We look forward to further potential collaborative opportunities that may become available.”

To date, PeerNova has raised $19 million in equity and debt financing.

Image courtesy of Overstock