Place/Date: Salt Lake City - June 5th, 2015 at 12:52 pm UTC · 2 min read
Contact:
Kirstie Burden,
Source: Overstock.com
Overstock.com, Inc. became the first company to solicit qualified institutional buyers in a digital corporate bond which will trade using the same technology that underlies cryptocurrencies such as bitcoin. This pioneering development is part of the company’s larger cryptofinance initiative known as Medici.
“The cryptorevolution has arrived on Wall Street,” said Overstock.com CEO Patrick M. Byrne. “We’re making it official by offering the world’s first cryptosecurity.”
Byrne went on to explain that a cryptosecurity is one that trades on a cryptographically-protected distributed ledger. In this case, buyers will be able to track their ownership on the bitcoin blockchain.
The issuance is powered by Overstock.com’s TØ.com technology – a name that refers to the fact that trades on the system securely settle same day, as opposed to three days later — or what Wall Street traders refer to as, “T+3”. The TØ.com technology uses the Open Assets protocol.
According to Byrne, issuing the TIGRcub bonds on the TØ.com platform proves that cryptotechnology can facilitate transparent and secure access to capital by emerging companies. Byrne added that a circular informing investors of the cryptobond offering was distributed on June 1, 2015.
This offering is being made exclusively to qualified institutional buyers that meet the definition of “accredited investor” in compliance with Rule 506(c) of Regulation D under the Securities Act of 1933, as amended.
About Overstock.com
Overstock.com, Inc. is an online shopping retailer based in Salt Lake City, Utah that sells a broad range of products at low prices including furniture, rugs, bedding, electronics, clothing, and jewelry. Worldstock.com is a fair trade department dedicated to selling artisan-crafted products from around the world whereas Main Street Revolution supports small businesses across the U.S. by providing them a national customer base. Overstock has additional community-focused initiatives such as a Farmers Market and pet adoption service. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock sells internationally under the name O.co. Overstock (http://www.overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.