Overstock's tØ Acquires Broker Firm for Wall Street Disruption
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....
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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....
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....
Overstock was the first international company to welcome Bitcoin and its technology. A few weeks ago, the company announced it was issuing the world’s first “crypto bond.” This bond would be traded on a Bitcoin-based technology trading platform currently being developed by the company. Now, in an interview for a leading digital financial media company,....
Blockchain-powered securities trading platform tØ has acquired the assets of a Singapore technology firm as part of plans to enhance its information services. The firm, Blue Ocean Financial Technology, is a finance data service provider, with a special focus on delivering information related to US securities. Using the Blue Ocean assets, tØ – which is backed by online retail giant Overstock – is setting up a new company outside of the US, with an eye to use its infrastructure to deliver real-time market information. TØ president Joe Cammarata said in a statement: “Blue Ocean Technologies....
In June, Bitcoin Magazine reported that e-commerce giant Overstock had become the first company to offer qualified buyers the option of purchasing corporate bonds that will trade using Bitcoin's blockchain protocol. In July, we reported that Overstock CEO Patrick Byrne is interested in "cleaning up" Wall Street. "We have started building things that replace what Wall Street does," said Byrne. "It does them far cheaper, and with far more transparency, and without any of the opportunity for rigging." Overstock's platform, known as t0.com, applies the security and efficiency of....