US retail giant Overstock has invested in blockchain technology specialist Peernova as part of its second tranche of Series A financing.
Formed through a merger between cloud mining contract provider CloudHashing and ASIC hardware designer HighBitcoin in early 2014, Peernova raised $8.6m in funding last December as it sought to accelerate its shift away from mining.
In statements, general manager of Overstock’s Cryptocurrencies Group Judd Bagley framed Overstock’s first investment in a bitcoin industry firm as a vote of confidence in the decentralized ledger-based technologies Peernova is currently building.
Bagley told CoinDesk:
“PeerNova is precisely the kind of company we’re eager to back up. Their team is brilliant and agile and the products they have in the works are going to change the way business is done forever. They get the transformative nature of the blockchain.”
Overstock invested $5m in the firm, a decision approved by its board of directors and that will be announced it in its next quarterly report to stockholders.
Peernova indicated that the funding has increased its total to-date financing to $19m in equity and debt financing.
Company representatives suggested the first entries in its new line of projects, focused on data