Overstock to Offer Private Bond Using Blockchain Technology
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.....
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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....
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....
According to a report from Wired, the Securities and Exchange Commission (SEC) has approved the online retail giant Overstock's plan to issue securities via the Bitcoin blockchain. This is the first-of-its-kind approval from the regulatory authority that might completely alter the way how public securities are issued and traded in the future. Overstock had earlier issued private securities using the blockchain which did not require the authority's approval. The blockchain is a public ledger of transactions; however, it can also be used to record data of anything including stocks, real....
Online retail giant Overstock just announced its plans to offer cryptosecurities based on the blockchain protocol. The company will be issuing $25 million in private bonds than can be traded using bitcoin-based technology. Blockchain refers to the public ledger of transactions associated with bitcoin. A block is added to the blockchain for every successfully verified transaction, which is done by computers solving complex algorithms. Trading Cryptosecurities. Prior to this, the traditional way to trade securities is to go through a centralized exchange. In using the blockchain protocol,....