Shares of Overstock.com surged Wednesday after the CEO announced a joint venture for a global property registry based on bitcoin’s blockchain technology.

Overstock CEO Patrick Byrne and the company’s blockchain-focused subsidiary Medici Ventures are partnering with well-known Peruvian economist Hernando de Soto to establish the for-profit venture called De Soto.

An earlier report said the venture would be non-profit, but a company spokesperson confirmed to CNBC that the venture will be for profit.

Source: Investment Cnbc
Overstock.com shares spike after blockchain unit announces for-profit property registry