Blockchain-centric subsidiary of retail technology leader Overstock.com – Medici Ventures, announced that it has participated in the Series A funding round for Austin-based Blockchain-as-a-Service (BaaS) company Factom, Inc.

“We like what Factom is doing with blockchain technology in the mortgage space. This is the latest in a series of strategic investments to further position Medici Ventures as the global leader in blockchain technology,” Jonathan Johnson, Medici Ventures president, stated.

The Series A funding round of Factom was led by noted venture capitalist and blockchain enthusiast Tim Draper. Medici Ventures has received 2.5% of Factom’s common stock in return for $750K investment. Also, Factom’s board of directors will see the appointment of Steven Hopkins, Medici Ventures’ chief operating officer and general counsel.

“We’re thrilled to include Medici Ventures as a strategic investor in Factom. The Medici team impressed us with their deep knowledge and expertise in blockchain technology. They bring operational experience running a global business with thousands of employees and practical knowledge of the shifting regulatory environment. We consider them some of the smartest investors in the blockchain,” Peter Kirby, CEO of Factom, said.

Working in advancing blockchain technology, Medici Ventures is the parent company of t0.com, which recently helped Overstock.com to complete blockchain stock offering on its platform.