Overstock’s CFO has left for the firm’s Blockchain subsidiary DeSoto in a similar capacity

Blockchain investment

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Robert Hughes who works at Overstock as the vice president of Finance and Risk management has decided to resign from the post to join a Blockchain venture. The venture also involves Overstocks CEO founder Patrick Byrne. Hughes has already notified Overstock that he will be leaving the company on April 2nd. He went on to indicate that he would take the position of the Chief financial officer at Overstocks indirect subsidiary DeSoto.

DeSoto was launched in December 2017 through an announcement by Overstock’s CEO Bryne. The DeSoto is a platform that is aimed at creating a global register which will be based on Blockchain in order to protect property owners’ rights. The venture is a joined platform with another overstocks subsidiary called Medici Ventures which is responsible or in charge of all Blockchain investments.

Hughes will be replaced at overstock by the former chief financial officer of Apollo Education Group Gregory J. Iverson. Iverson will join the company on April 6th having worked at Apollo from 2007 to March this year.

The finance replacements are happening after overstock made an announcement that it was canceling its share offering of more than 4 million shares due to market volatility. The company is now working hard to look for new ways which will prevent its shares from going down. According to the company, their shares started dropping in March after they released the company’s surprising weak 4th quarter earnings report.

Towards the end of 2017, the Blockchain marked continues to gain more attention as different sectors continued to try to use the technology to better their firms. A good example is the automobile sector which is trying to come with a blockchain platform to control traffic through tokens. The project has been invented by Americas automobile giant Ford. More to that a Chinese company successfully transported Gasoline with all the transactions done through Blockchain and it was successful.

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