Overstock to Revolutionize Financial Trading with Cryptosecurities
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,....
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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....
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....
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....
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....
Overstock has confirmed that Counterparty co-founders and developers Robby Dermody and Evan Wagner are no longer working on its decentralized stock market project Medici. The announcements come amid a shift in priorities for the high-profile crypto 2.0 project, first announced in October. At the time, Overstock indicated that it had hired Dermody and Wagner after vetting developers of notable 2.0 projects. Overstock director of communications Judd Bagley indicated that the move coincides with a shift in Medici's development that will help the company build on a wider variety of protocols....