Online retailer Overstock is to pay a portion of its Ohio business taxes (commercial activity taxes) in Bitcoin, using the state’s new platform, OhioCrypto.com.
“We applaud Overstock for becoming the first national brand in America to register to pay taxes via cryptocurrency. Their embrace of blockchain technology was ahead of its time and we’re proud to have them join OhioCrypto.com,” comments Ohio Treasurer Josh Mandel.
Also of interest: Overstock boss preps big bet on blockchain
“We have long thought that thoughtful governmental adoption of emerging technologies such as cryptocurrencies (when accompanied by non-restrictive legislation over these technologies) is the best way to ensure the US does not lose our place at the forefront of the ever-advancing global economy,” says Overstock CEO and Founder Patrick M. Byrne.
Overstock was the first major retailer to accept cryptocurrencies for purchases on its website in 2014. Also that year,, it founded blockchain subsidiary Medici Ventures, which currently oversees a portfolio of 19 companies.