Bed Bath & Beyond Inc. has agreed to acquire Tokens.com in an effort to develop a blockchain-based investment and personal finance platform.
A purchase price for the deal was not disclosed. The platform is expected to be developed by July pending closing conditions, per a Monday press release. The acquisition will add to its existing portfolio of digital asset and blockchain businesses, which includes tZero and GrainChain.
Bed Bath & Beyond Inc. will wholly own Tokens.com, though the platform will utilize the infrastructure and platform services from tZero. The company says this platform will be “a one-stop journey for real estate and other real-world asset finance” that includes tokenized investing.
“Providing responsible, compliant liquidity pathways for homeowners and real-world asset holders is our strategy and long-term vision,” Marcus Lemonis, executive chairman and CEO of Bed Bath & Beyond Inc., said in a statement.
Bed Bath & Beyond Inc. has undergone a pivotal year of change under Lemonis’ leadership, particularly investing more into blockchain initiatives while maintaining its home merchandise retail portfolio. The company owns Bed Bath & Beyond, BuyBuy Baby, Overstock and Kirkland’s.
It’s in the process of acquiring The Brand House Collective — formerly Kirkland’s Home — which oversees much of the operational work for those retail brands.
“These capabilities support secure transactions, trusted data, and innovative ownership and financing models aligned with the future of the home,” Bed Bath & Beyond Inc. notes in its description of the company. “Together, Bed Bath & Beyond’s retail brands, digital platforms, financial and protection services, and technology investments form a connected system designed to advocate for consumers while generating durable, recurring value for shareholders.”
