Medici Ventures invests in SettleMint with aim to disrupt voting through blockchain

By: Beth Betts

8, November, 2016

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Medici Ventures, a blockchain-based subsidiary of online retailer Overstock.com, has announced it is adding Belgium-based SettleMint to its portfolio of investment companies.

SettleMint specialises in developing software leveraging distributed ledger technology. The firm recently released an application called the ‘SettleMint Ballot Box’, which successfully demonstrates the ease, security and immutability of recording voting to the bitcoin blockchain.

The Belgian company is also making significant progress in the area of property titling technology and procedures for simplifying ‘know your customer’ (KYC) compliance, also areas of primary interest at Medici Ventures. Additionally, along with joining the Medici Ventures portfolio, SettleMint will also represent t0.com, Inc – also a Medici Ventures investment – as that firm seeks to expand its European presence.

Patrick Byrne, CEO of Overstock, said: “Medici Ventures believes that blockchain technology can replace over 100 mechanisms of modern civilisation and perform their functions far less expensively, and with less risk of capture and corruption, than those functions are being performed by current social institutions,” said Patrick Byrne, CEO of Overstock.

“Two years ago we identified six functions that will be fundamental to this new age, one of which was voting. Among SettleMint’s several great attractions to Medici Ventures’ capital has been their early work on blockchain voting,” added Byrne. “The immutability and universal accessibility of the blockchain make it the perfect technology for achieving higher confidence in the democratic process, for everyone.”

SettleMint founder and CEO Matthew Van Niekerk, said: “The list of blockchain firms that Medici Ventures has invested in already and those that are seeking to join the Medici Ventures portfolio, is long and distinguished. It’s very exciting to be a part of this organization, which shares our vision and determination to move blockchain technology from the realm of theory, squarely into reality. And that it’s happening in conjunction with the release of our SettleMint Ballot Box makes this a thrilling time for our company.”

 

©iStock.com/Kevin Smart