Wall Street bank Morgan Stanley has purchased an 11.4 percent stake in the Web retailer just days before the Salt Lake City company’s cryptocurrency trading goes live.
Overstock, best known as discounter, has also been one of the foremost companies developing new uses for the technology behind bitcoin. As such, it has become a proxy for investors who wanted the gains of bitcoin without investing in the asset directly.
Overstock accepted the cryptocurrency as payment starting in 2014, and recently started holding 50 percent of bitcoins that are used in transactions.
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