Overstock, the online retailer famous in the crypto community for its Bitcoin-friendly stance, has announced it will be paying its commercial activity taxes in the U.S. state of Ohio with BTC.

In November, the Ohio state treasury announced businesses in the state could pay 23 different taxes with Bitcoin through a new program called OhioCrypto.com. The initiative was proposed by Ohio state treasurer Josh Mandel, and is facilitated through crypto payments processor BitPay. In a recent interview with Fortune, Mandel said that in 2020, the state could be accepting Bitcoin tax payments from individuals and not just from businesses.

Overstock CEO Patrick M. Byrne commented:

“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 U.S. does not lose our place at the forefront of the ever-advancing global economy.”

Bullish on blockchain

Overstock has been accepting BTC as a payment option since 2014, and launched a subsidiary called Medici Ventures in the same year. Medici Ventures is a venture capital firm that invests in blockchain-related projects.

According to a Wall Street Journal report, the firm lost $39 million in the first 9 months of 2018, and lost $22 million in 2017. Despite this, Byrne remains extremely bullish on Bitcoin and blockchain in general and expects his investments to pay off handsomely in the future. Medici Ventures’ most notable project is tZero, a platform designed for the trading of security tokens. In 2018, tZero raised $134 million by selling its own blockchain tokens.