Overstock.com CEO: Company plans to issue securities on blockchain ledger

Patrick M. Byrne, CEO of Overstock.com, a large American online retailer, announced at the Money 2020 conference in Copenhagen that the company plans to publicly offer digital securities recorded on a distributed blockchain ledger.

This will be the first time a sale is recorded using a distributed blockchain ledger.

Another piece of the puzzle

Overstock.com, based in Salt Lake City, Utah, sells a wide variety of goods at low prices. It has reached an agreement with Georgeson Inc., a world-renowned provider of shareholder intelligence, communications and proxy services, to serve as information agent for the upcoming offering.

Patrick M. Byrne unveiled the company’s plans after outlining the benefits of conducting securities settlement on a distributed ledger.

Patrick M. Byrne

Overstock.com’s financial technology subsidiary, t0, uses blockchain technology in the capital markets. Securities to be issued by Overstock will be traded on the t0 platform.

Byrne said:

“Another piece of our puzzle to transform the financial industry has fallen into place.”

Paul Conn, President of Global Capital Markets at Computershare Limited, Georgeson’s parent company, said:

"We are thrilled to be working with Overstock.com and t0 on this groundbreaking endeavor."

SEC registered

In June 2015, Overstock.com became the first public company to issue securities using blockchain technology.

In December 2015, the U.S. Securities and Exchange Commission approved Overstock.com to publicly issue digital shares on a distributed ledger, such as the platform developed by t0. A supplement to the prospectus will be filed with the SEC.

t0 is a majority-owned subsidiary of Overstock.com dedicated to developing and commercializing financial technologies based on cryptographically secure and decentralized ledgers, commonly known as blockchain technology.

Since its founding in October 2014, t0 has taken the lead in bringing greater efficiency and transparency to capital markets by integrating blockchain technology.

Original article: http://cointelegraph.com/news/retail-giant-overstockcom-sets-to-offer-secutities-in-blockchain-ledger
By Cyril Gilson
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/overstockcom-sets-to-offer-secutities)