Financial technology company t0.com, Inc., a majority owned subsidiary of Overstock.com, has announced the acquisition of the assets of Singapore-based Blue Ocean Financial Technology, Pte. Ltd., thus expanding the fintech leader’s presence and range of services in the global financial ecosystem.
t0.com, Inc., is mostly involved in the development and commercialization of financial technology based on cryptographically-secured, decentralized ledgers – blockchain technologies, in other words. Since the very launch, t0 has strived to adopt the blockchain to capital markets to improve efficiency and transparency.
The newly-formed Blue Ocean Technologies will focus on the development of the first transparent, electronic marketplace for trading U.S.-listed securities during non-U.S. trading hours. Companies, traders, and investors will be able to minimize risk and leverage the opportunities created outside of U.S. regular trading hours via electronic marketplace.
Blue Ocean Technologies will provide after-hours access to the full capabilities of the U.S. capital markets for foreign investors. The U.S. markets make up the second largest class of investments across Asia and Europe as they allow U.S.-based traders to track off-hours market movement and react accordingly.
“Blue Ocean Technologies will provide investors in the rapidly growing Asian region with an avenue to execute U.S. equities during their usual business hours,” said t0 President Joe Cammarata. “This concept is the first of its kind, and has already attracted the attention of several large market-making clients to provide daily liquidity within our platform.”
Cammarata underlined that Blue Ocean Technologies focuses on the pricing transparency. The overnight trades will be reported on the blockchain, which makes it a good fit for t0 and its development of blockchain-based technologies.
“This partnership affords us the opportunity to work with t0, a company on the cutting edge of securities technology,” said Blue Ocean Financial Technology CEO and Blue Ocean Technologies managing member, Greg Shinnick. “Additionally, the relationship allows for a broader sphere of access and reach, which is crucial to expanding the emerging global securities marketplace.”
Several months ago, Overstock unveiled plans to start selling stocks on its blockchain-based platform for trading shares called T0. T0 platform was scheduled to be launched before the end of the year. Judd Bagley, Overstock’s communications director, said that T0 cannot be called a stock exchange for some regulatory reasons. Instead, it is a system for selling widgets, and the initial use case will be for bonds and stocks.
Unlike traditional equity trading platforms, T0 offers both higher speed and advanced security. Users will be able to complete trades in 10 minutes, while for existing systems it usually takes three days to process transactions. Moreover, the use of the distributed ledger technology eliminates the risk of hacking attacks.