Overstock's securities trading platform based on Bitcoin blockchain will launch by the end of the year

Rage Comment : Overstock is a well-known online retailer in the United States. Its blockchain platform t0 has been approved by the U.S. Securities and Exchange Commission for public offering of stocks. It has also acquired the Wall Street brokerage company SpeedRoute early on. The company has confirmed that the platform will be officially launched in December 2016.

Translation: Annie_Xu

Overstock Chief Communications Officer Judd Bagley called t0 a "small item" trading platform that will first try equity trading. It is known as the world's first blockchain-based equity issuance platform, which will lead a new era of the global financial system. It is expected to start operating in December 2016.

The t0 securities issuance and trading platform was developed by t0, Overstock's majority-owned financial technology subsidiary.

At the Money 20/20 conference in Las Vegas, Bagley said t0 is superior to traditional equity trading platforms and pointed out that the company will soon start selling company shares on the platform. Later, Overstock announced that the company's board of directors had approved the issuance of non-transferable shares, and Overstock shareholders can purchase preferred shares on the t0 platform.

The company announced that the subscription will begin on November 15, 2016 and end on December 6, 2016. November 7, 2016 is the record date for shareholders to confirm, after which the price of Overstock common stock will be determined.

What's the difference

The difference of the t0 platform is that it uses blockchain technology to synchronize real-time transaction settlement. Traditional equity transaction settlement requires an additional three days.

The success of this project will promote similar projects or even better projects.

The t0 platform uses colored coin technology to track the ownership of various assets with Bitcoin.

Overstock began accepting Bitcoin payments in 2014, and in December last year the U.S. Securities and Exchange Commission (SEC) approved it to sell stocks on the t0 platform and settle in Bitcoin.

Overstock is allowing registered shareholders to purchase 1 million shares of preferred stock, as well as Blockchain Series A Preferred stock, which can only be traded on alternative trading systems.

Founded in April 2015, t0 acquired Wall Street brokerage SpeedRoute for $30.3 million four months later, acting as an intermediary for 11 exchanges and 25 dark pools in the United States.

In 2014, Overstock was included in Forbes' list of the 100 most trustworthy companies.