Retail Giant Overstock to Issue its Own Stock on Blockchain Platform
Online retail giant Overstock announced it will issue public shares of company stock on its tØ blockchain platform at the 41st Annual International Futures Industry Conference today. First unveiled in August 2015, the tØ blockchain platform ambitiously aims to revolutionize trade and settlement by issuing stocks and bonds as a digital, blockchain-based assets, thereby disrupting the T+3 settlement model currently operated by the DTTC. Following the release, Overstock would have two versions of its stock, one available on traditional trading systems such as Nasdaq and another on tØ.....
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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.”....
The US Securities and Exchange Commission (SEC) has reportedly approved Overstock's plans to issue stock via the blockchain through its subsidiary tØ platform. According to Wired, the company was granted an amended Form S-3 - a requirement solely for companies that report under the Securities Exchange Act of 1934 - meaning that it could now issue public securities leveraging blockchain technology. It is still unclear when the company will issue its first public security on a distributed ledger but Patrick Byrne, Overstock's CEO, told Wired: "You can assume its high on our list of....
E-commerce giant Overstock’s blockchain stock sale is set to begin later this month. Overstock announced today that Connecticut-based investment bank Source Capital Group, Inc. will serve as dealer-manager for its planned blockchain-based stock offering. In March, the e-commerce giant said that it would issue its own stock via blockchain, utilizing its tØ blockchain platform to facilitate trades. During an event last month, Overstock CEO Patrick Byrne said that trading of the stock could begin as early as mid-December. Now, the company has divulged new details. According to Overstock, the....
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 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....