Overstock's New Blockchain President Vows to Accelerate 'Fight Against Wall Street”
After 14 years working with Overstock.com, the e-commerce giant's chairman of the board was asked to leave the room during a board meeting last month. For Jonathan Johnson, who had previously served in leadership roles, including a stint as Overstock's CEO, it was an unusual moment. Johnson had just finished an unsuccessful bid to become the governor of Utah, and his future at the company was now in the board's hands. But the board would return with good news, ultimately deciding to offer Johnson the chance to take over as president of Overstock subsidiary Medici and formally lead its....
Related News
The first-ever day of stock trading on a blockchain-based, shared ledger has come to a close. After six-and-a-half hours of being open for business, Overstock.com’s tØ blockchain platform has very little to show in terms of trade activity. In fact, there was almost no activity at all. But that’s not the point, according to Patrick Byrne, Overstock’s founder and CEO, who has been waging a personal fight against some of Wall Street’s more opaque business practices. In conversation with CoinDesk, Byrne likened the day of trading to test pilot Chuck Yeager breaking the sound-barrier for the....
Blythe Masters’s new Blockchain startup is set to receive huge investment from Wall Street in 2016. What could this really mean for the Blockchain technology and how much impact is this going to have on the Bitcoin market? There has been quite a lot of excitement within the Bitcoin environment coming into the new year as the news of Wall Street investment in Blockchain broke. The cyberspace has buzzed with various speculations on how much impact this move could have on Bitcoin. Cointelegraph sought expert opinions for a clearer understanding of what exactly it is that Blythe and her....
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'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....
Wall Street’s clearing and settlement house, the Depository Trust & Clearing Corporation (DTCC) has, in recent times, increasingly made rapid strides in blockchain research and investment into the innovation. Blockchain technology is fast being touted as the oncoming evolutionary leap to boost the financial industry. Stock exchanges like the Australian Securities Exchange (ASX) have gone beyond merely researching the technology, by running trials and a prolonged testing period which sees Australia’s biggest stock exchange use blockchain-based solutions for post-trade events. Wall....