Overstock.com Launches Offering Of World's First 'Cryptosecurity'
Overstock.com, Inc., the e-commerce retailer, became the first company to solicit qualified institutional buyers in a digital corporate bond that will trade using the bitcoin block chain. This development is part of Overstock's larger cryptofinance initiative known as Medici. "The cryptorevolution has arrived on Wall Street," said Overstock.com CEO Patrick M. Byrne. "We're making it official by offering the world's first 'cryptosecurity.'". Byrne defined a cryptosecurity as a security that trades on a cryptographically-protected distributed ledger. Cryptosecurity buyers will be able to....
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Just recently, online retailer Overstock announced that they would be offering securities based on blockchain technology dubbed as cryptosecurities. This would feature benefits that traditional financial securities do not enjoy, such as safer and faster clearing and not incurring fees from middlemen or clearinghouses. While it has been acknowledged that the value of bitcoin probably lies in its use as a medium of exchange or facilitating transactions rather than its dollar equivalent, some industry experts that this cryptosecurity offering is nothing but a gimmick. Blockchain....
Overstock, an online retail giant, has been talking about coming up with a cryptosecurity or a bond based on blockchain for the past few months. The company has been able to complete a deal with FNY Managed Accounts, which is an affiliate of FNY Capital, for the sale of a $5 million digital security in the form of a cryptobond. Overstock CEO Patrick Byrne has been known for his out-of-the-box ideas, and this recent cryptosecurity venture is one of those. The sale is intended to serve as an additional proof-of-concept of the safety and efficiency of exchanging financial instruments via a....
Global e-commerce giant Overstock.com has hired the developers behind peer-to-peer decentralized exchange Counterparty to develop a new stock market platform powered by cryptocurrency technology. The developers will work on a platform called 'Medici', an evolution of Overstock's previously announced 'cryptosecurity' offering that will allow not only Overstock, but other businesses, the ability to issue cryptosecurities to the investing public. Overstock CEO Patrick Byrne made the official announcement at the Inside Bitcoins Las Vegas conference today during his keynote speech entitled....
The Securities and Exchange Commission (SEC) has approved Overstock.com's plan to issue company stock via a blockchain-based technology, according to Wired. Overstock has already used the block chain to issue private bonds, which do not require regulatory approval. The SEC has approved an amended Form S-3 which would enable the company to issue securities using block-chain-based technology. Patrick Byrne, CEO of Overstock, was to announce the news at a San Francisco, Calif. bitcoin conference Tuesday evening. Byrne told Wired the date of issuing a public security on the blockchain is high....
Online shopping retailer overstock.com recently announced the issue of a $25 million corporate bond on the Bitcoin's underlying technology, the blockchain. As indicated in its press release, the Nasdaq company plans to attract hedge funds, private equity groups and other potential investors towards purchasing the "first-ever" blockchain bond, roughly titled as cryptosecurity. With the launch, Overstock aims to settle Wall Street transactions on the same day of their inceptions. Presently, it takes a maximum of three days for securities to reach settlement, which most Wall Street people....