SALT LAKE CITY, Sept. 17, 2014 /PRNewswire/ -- Last Thursday Overstock (NASDAQ: OSTK) launched an updated international checkout system which allows the acceptance of Bitcoin globally. Today Overstock formally announces its commitment to donating 4 percent of all its global Bitcoin revenues to foundations working to defend and further the adoption of cryptocurrencies. Overstock's international revenue arrives through O.co, its international brand and site.
Overstock has initially selected the Chamber of Digital Commerce, known as a representative of the digital commerce industry in Washington, DC. The Chamber's goal is to promote the acceptance and use of digital assets. Overstock will be continuously evaluating similar foundations across the globe and choosing those among whom it will rotate its support. An attempt will be made to align donations with foundations in those areas of the world from which the associated revenue derives.
"The cryptocurrency movement is at a critical stage in its evolution," said Overstock CEO Patrick Byrne. "Adoption among the technorati is fairly pervasive, but it needs to make its way into the lives of the masses in the developed and developing worlds, while avoiding the obstacles that uninformed intervention by lawmakers could impose. The Chamber of Digital Commerce will help make this possible. We're excited to support them."
Overstock.com (NASDAQ: OSTK) is a discount online shopping retailer based in Salt Lake City, Utah that sells a broad range of products including furniture, rugs, bedding, electronics, clothing, jewelry and cars. Worldstock.com, a fair trade department dedicated to selling artisan-crafted products from around the world offers additional unique items. Main Street Revolution supports small businesses across the United States by providing them a national customer base. The Nielsen State of the Media: Consumer Usage Report placed Overstock.com among the top five most visited mass merchandiser websites in 2011. The NRF Foundation/American Express 2011 Customer Choice Awards ranked Overstock.com #4 in customer service among all U.S. retailers. Overstock.com sells internationally under the name O.co. Overstock Shopping (http://www.overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.
Overstock.com®, O.co®, Worldstock Fair Trade® and Club O Rewards® are registered trademarks of Overstock.com, Inc. O.info™, Club O™, Club O Dollars™ and Your Savings Engine™ are trademarks of Overstock.com, Inc.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, all statements not regarding historical fact, and references to terms of the announced donation program. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-Q for the quarter ended June 30, 2014, which was filed with the SEC on July 29, 2014, and any subsequent filings with the SEC.
SOURCE Overstock.com, Inc.