Under the agreement, Overstock’s Medici Land Governance (MLG) will work with the Zambian government on overhauling land ownership, allowing rural landowners to legitimize their estates and gain access to the financial world.
“Without formal ownership, individuals struggle to obtain access to credit and public services, while governments are limited in their ability to collect taxes, enforce property rights, and plan for economic expansion and innovation,” the release explains, continuing:
Discussing the Medici venture, the subsidiary’s CEO Dr. Ali El Husseini called its partnership with Zambia “momentous.”
“[The partnership] has the potential to be a real, sustainable game-changer in reducing poverty and supporting economic development on a large scale,” he added.
This week, the world’s fourth-largest bank by assets, Agricultural Bank of China, confirmed it had issued a blockchain-based loan backed by land.
Overstock continues to make multiple inroads across blockchain and cryptocurrency-related spheres, despite warnings earlier this year that its share price was suffering and its future could involve upheaval.
The company currently has fourteen ventures in its Medici Blockchain accelerator, to which MLG is the most recent addition.