Devin Black·Jan 14, 2019

Overstock.com is paying their Ohio state taxes in bitcoin

Back in 2014, Overstock.com was the first major online retailer to accept cryptocurrency for payment. Within the first day, they received over $126,000 in orders paid with bitcoin. Now the company is again embracing the field, paying part of its Ohio state businesses taxes with bitcoin.

Ohio recently began to accept business tax payments in cryptocurrency. Utilizing the state’s official bitcoin payment portal OhioCrypto.com, the retailer will be the first major company to pay taxes with cryptocurrency. Read Overstock’s full press release here.

In 2014, in addition to accepting bitcoin payments, Overstock also established Medici Ventures, a subsidiary devoted to advancing blockchain technology. It invests in companies integrating the blockchain into fields like capital markets, money and banking, supply chains, property, and voting.

In particular, the subsidiary oversees the new security token and trading platform tZERO, which raised $134 million in its token sale. With tZERO, Overstock aims to tokenize securities — and the platform’s investment portfolio means token holders will receive quarterly dividend payments.

Overstock.com, once known just for its online surplus merchandise, is a now a pioneering force in crypto, actively using the technology in their business.

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