Overstock: Broker-Dealer Deal Will Open Blockchain Securities Floodgates
It will only take one broker-dealer to usher in the era of distributed securities settlement, according to Overstock's blockchain innovation lead. Once the technological barriers of connecting the platform to a blockchain are crossed and the regulatory climate has been navigated, Johnathan Johnson expects a floodgate of securities professionals looking to cut out pricey middlemen to open. Overstock's signature blockchain project, tØ, announced this week it had signed Keystone Capital Corporation to be that partner, and with the move, it believes it's one step closer to that new era. In new....
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As part of its bid to launch a blockchain-based equities trading platform, Overstock subsidiary tØ has partnered with broker-dealer Keystone Capital Corporation. Announced today, the move is the latest step forward in a project that began for the e-commerce giant in late 2014 with the launch of a blockchain R&D division dubbed Medici. That plan, which would find Overstock being granted approval to issue digital versions of its public shares on a blockchain, received key approval from the SEC in 2015. In statements, Keystone Capital’s Steven Capozza said his San Diego-based firm is....
A new Wired report suggests that US retail giant Overstock has completed a working demo of its decentralised stock market Medici and that the project may soon be presented to US regulators. The report is one of the first to suggest the Medici project is moving forward past conceptual stages following its October launch. Updates on the project have since been scarce with two high-profile developers leaving in February and Overstock submitting an SEC filing related its proposed issuance of digital securities in April. The latest Wired report further indicates that Overstock has purchased a....
The SEC's broker-dealer guidance was generally welcomed as a step in the right direction by industry players.
Online retailer Overstock, in accordance with the Securities and Exchange Commission, has affirmed an arrangement to issue organization stock through the Internet, flagging a huge change in the way financial securities will be disseminated and exchanged in the years to come. Over the previous year, Overstock and its visionary leader, Patrick Byrne, have created an innovative experimental method for issuing financial securities through the Blockchain, the boundless online record supporting the Bitcoin digital currency. The Blockchain is essentially an enormous database that keeps running....