The investment is the second tranche of a Series A round. Combined with another $8.6 million secured last December, it brings total debt and equity financing to $19 million.
PeerNova formed last this year when mining hardware maker HighBitcoin merged with CloudHashing, which sold mining contracts. It has since evolved into blockchain software, with the eventual aim to develop innovations like decentralized applications, smart property, smart contracts and e-currency software-as-a-service (SaaS) applications.
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For Overstock, it is its first major Bitcoin industry investment. The company has been digging further into the cryptocurrency space ever since it started accepting bitcoin roughly 15 months ago. Said CEO Patrick Byrne, an ardent cryptocurrency advocate:
“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.”
The funding will go toward accelerating the development of two core enterprise products focused on data security and financial applications, as well as expanding the PeerNova team.
For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.