Overstock Announces First-ever Corporate Bond on Bitcoin Blockchain
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....
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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....
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....
Upon his return from medical leave, Overstock CEO Patrick Bryne has appointed Jonathan Johnson as the head of Medici, the firm’s group of fintech and Blockchain businesses, to maintain its long-term growth and investments. Since the launch of Medici in early 2014, Overstock has been long involved in the fintech and cryptocurrency industries, developing various Blockchain-based products and funding several fintech and Bitcoin companies. Development of T0.com. Amongst its many projects, Overstock’s Medici has focused on the development of T0.com, a cryptographically protected asset and....
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.....