Medici Ventures, the blockchain-focused subsidiary of online retail giant Overstock, has completed a strategic investment in Symbiont, a New York-based blockchain startup.

As part of the new relationship, the two companies will collaborate on strategic projects involving both Medici Ventures and its parent company, Overstock.com, the official release said.

Jonathan Johnson, President of Medici Ventures and a director of Overstock.com, said that Medici Ventures intends to become one of the first Delaware entities to convert its registration to blockchain form at the State of Delaware using the new blockchain amendments, which now await Governor John Carney’s approval.

“We also anticipate using blockchain to administer Medici Ventures’ fund interests from inception, thereby providing our investors with end-to-end recordkeeping on a blockchain and administration of investor interests using smart contracts. We expect to deliver best-in-class investor transparency,” Johnson added.

The investment from Medici Ventures follows Symbiont’s strategic partnership with Chinese software giant Hundsun Technologies, which included an investment by a division of Hundsun in Symbiont’s Series A-1 round.

“We welcome Medici Ventures as an investor in Symbiont and as a partner for Medici’s blockchain registration with the State of Delaware,” said Mark Smith CEO and co-founder of Symbiont. “Management of fund interests is a logical extension of Symbiont’s Smart Securities®capabilities, and we welcome a partner that is equally committed to the principle of ensuring accuracy of shareholder records at all times during a company’s life cycle.”

Dr. Patrick Byrne, Overstock’s CEO and founder, said that they are currently studying the opportunities presented by Delaware’s new law for the company’s shareholders to gain direct ownership of its shares.

Besides Symbiont, Medici Ventures has invested in other blockchain firms in the past including Factom and Ripio.

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