Patrick Byrne continues changing the way business is done nowadays. He is not only the founder of successful online shopping platform Overstock.com. He is involved in multiple activities so we can say that this man is taking over the financial world!
It has not been long since Kentucky Senator Rand Paul invited Byrne to join his tech counsel. Position and details were kept in secret but the interest of senator in bitcoin and blockchain is well-known. Paul managed to attract several prominent figures to his team including Michele Weslander Quaid of Google and Brandon Hudgeons of Schoox.
Overstock.com led by Byrne has been nourishing an idea to launch a new digital currency. The company developed blockchain-like technology based on the electronic system of PRO Securities (Overstock now owns its 25% stake).
The last step to make was approval of the Securities and Exchange Commission. The petition was filed although it didn’t contain information about currency itself. Overstock didn’t conceal the sum in shares it is planning to issue – $500 million.
Now Patrick Byrne comes out with something that will hopefully reinvent financial system and eliminate the problem of market fraud. The invention is a trading platform allowing instantaneous transactions called tØ.
— Patrick Byrne (@OverstockCEO) August 4, 2015
The platform is created on the basis of blockchain. Byrne supposes that appearance of cryptographically-protected, distributed ledgers led to a true Cryptorevolution. Now it is necessary to borrow ledgers from the world of digital currencies and apply to the world of finance in order to make transactions more transparent and accessible.
In his intention to improve the market Byrne has teamed up with the largest bank in the world according to Relbanks.com – Industrial and Commercial Bank of China.
tØ leans on three basic pillars making it outstand on the current market – regulatory compliance, transparency and proof of ownership. All these insure equitable transaction process available for everyone.
According to Byrne 80-90% can be saved on systemic costs. He blames “net settlement” – settling all transactions at the end of the day in other words – saying that his team intends to “reunite the trade and the settlement”. The new platform, if operates successfully, will deprive banks of the possibility to make money off dormant ones.
— Patrick Byrne (@OverstockCEO) August 5, 2015
The main services of tØ platform include public and private equities trading and short tokens. The services not expect to be licensed. Byrne has a firm point of view for everything that concerns authorized activity: “I’m not coming to Wall Street like a Viking with an axe. We want to license this”.
It’s hard to make conclusions beforehand but we hope that new project will change the way financial market looks today for the better and bring its creator worldwide recognition!