Medici Ventures, Inc., a blockchain-oriented subsidiary of leading online retailer Overstock.com, Inc., has announced that it will add blockchain startup SettleMint to its portfolio of investment companies.

Launched in 2014, Medici Ventures was created to manage and oversee the Overtstock’s investments in firms building solutions leveraging and servicing blockchain technologies. Medici project investments include: t0, PeerNova, Bitt.com and Identity Mind.

Based in Belgium, SettleMint is a fintech firm specializing in developing software leveraging distributed ledger technology.  The company was founded in 2016 and most recently released SettleMint Ballot Box, an application successfully demonstrating the ease, security and immutability of recording voting to the bitcoin blockchain.

“Medici Ventures is immersed in a global search for outstanding companies poised to disrupt key sectors with blockchain technology,” said Jonathan Johnson, president of Medici Ventures. “SettleMint is precisely the kind of company we hoped to find and we’re pleased to be an angel investor at such an early stage of what promises to be a very auspicious future.”

Medici Ventures said that SettleMint is currently involved in some of the areas that are of its primary interest. This includes property titling technology and procedures for simplifying ‘know your customer’ (KYC) compliance. In addition to joining the Medici Ventures portfolio, SettleMint will represent t0.com, Inc as that firm seeks to expand its European presence.

“Medici Ventures believes that blockchain technology can replace over 100 mechanisms of modern civilization and perform their functions far less expensively, and with less risk of capture and corruption, than those functions are being performed by current social institutions,” said Patrick Byrne, CEO of Overstock. “Two years ago we identified six functions that will be fundamental to this new age, one of which was voting. Among SettleMint’s several great attractions to Medici Ventures’ capital has been their early work on blockchain voting. The immutability and universal accessibility of the blockchain make it the perfect technology for achieving higher confidence in the democratic process, for everyone.”