Overstock's SpeedRoute Acquisition Brings Blockchain to Wall Street
Overstock recently completed the acquisition of SpeedRoute through its settlement platform subsidiary T0, effectively bringing blockchain technology to Wall Street. According to the SEC filing, SpeedRoute was purchased for approximately $30.3 million, consisting of approximately $11 million in cash and 900,000 shares of Overstock's common stock valued at $19.3 million. SpeedRoute was founded in 2000 and is a a brokerage firm or broker-dealer that buys and sells stocks, bonds, mutual funds, and other investment products on behalf of its customers. It has offices at 14 Wall Street and moves....
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Overstock's crypto subsidiary tØ has acquired Wall Street brokerage firm SpeedRoute, a move the latter's CEO termed a 'quantum leap' for securities trading. TØ (pronounced t-zero), unveiled last month at Nasdaq's New York headquarters, is a blockchain-based equities trading platform Overstock claims could revolutionise clearing and settlement. The SpeedRoute deal, it says, marks a momentous step toward connecting the crypto and capital markets. SpeedRoute CEO Joseph Cammarata said in a release: 'This collaboration allows Overstock to enter this new financial technology arena with a speed....
The behemoth of Bitcoin-friendly mainstream retailers Overstock.com has successfully lobbied the Securities and Exchanges Commission to list its stock on the Bitcoin blockchain. The Utah-based retailer, which set up its t0 platform to sell cryptobonds in April 2015, is rumored to be making a formal announcement regarding the news in the next 24 hours.....
Retail giant Overstock has announced that it plans to issue company stock on its TØ.com blockchain platform. The announcement was made today at the 41st Annual International Futures Industry Conference. According to a release announcing the endeavor, Overstock revealed that it would allow shareholders to purchase its stock on TØ.com, just as it would and does on traditional platforms. The name TØ.com implies that trades in the financial system are security settled the same day, as opposed to the current settlement system which spans three days, or as Wall Street traders refer to as “T+3.”....
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....
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....