Overstock to Issue "Digital Corporate Bond" on Bitcoin Blockchain
Overstock CEO Patrick Byrne has bought the company's first cryptobond for $500,000. I intend to demonstrate my belief not just in Overstock, but in the TØ.com platform that we built and, indeed, in the cryptorevolution itself, he said in a statement. E-retail giant Overstock has announced it will utilize colored coins to issue what it calls a digital corporate bond, or a cryptocurrency-based security, based on the bitcoin blockchain. The company said in a 5th June press release the issuance forms part of its development of cryptographic security technology aimed at reducing trade....
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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....
On June 5, retail giant Overstock became the first company to offer a corporate bond, valued at US$25 million, as crypto securities to qualified institutional investors. The offering is part of the company’sbitcoin blockchain-based initiative called Medici. Overstock CEO Patrick Byrne stated in a press release: The crypto securities, or stocks, will be powered and issued by Overstock’s TØ.com platform, which Overstock said “refers to the fact that trades on the system securely settle same day, as opposed to three days later — or what Wall Street traders refer to as ‘T+3.’” "The crypto....
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....
Online retailer Overstock, one of the earlier companies to express openness to bitcoin a few years back, announced its plans to issue a $25 million private bond based on blockchain technology. Its CEO Patrick Byrne has always believed that "cryptotechnology can do for the capital market what the internet has done for consumers." Byrne has also spoken about how blockchain technology can also be applied to financial securities. He proposes a system that is governed by cryptographic algorithms in the same manner that Nasdaq or NYSE oversees its exchanges. Bitcoin and the Financial Industry.....
The Salt Lake City-based online retailer Overstock is working on a revolutionary new development: a new independent stock exchange powered by Bitcoin technology. The new stock exchange could sidestep traditional stock exchanges such as NYSE and NASDAQ and issue corporate stock directly over the Internet. Overstock, one of the first and largest online retailers to accept bitcoin payments, first announced the project in October 2014. "There is an opportunity to recreate the financial world as we know it in the parallel universe that is the blockchain," Overstock's CEO Patrick Byrne told....