Taking strong interest in blockchain, cryptocurrencies, and IoT, Tatsiana Yablonskaya got deep understanding of the emerging techs believing in their potential to drive the future.
If Overstock.com fulfils the public offering it plans, its shareholders will get an opportunity to buy blockchain or traditional stock.
Overstock.com has unveiled its plan to complete the world’s first public offering using proprietary blockchain technology. The news was announced at the 41st Annual International Futures Industry Conference.
With this offering company’s shareholders will be able to purchase Overstock.com blockchain or traditional preferred stock. The latter will trade and settle exclusively through the tØ.com platform and its alternative trading system (ATS), informs Nasdaq.
tØ.com is the financial technology subsidiary of Overstock.com that successfully deals with blockchain-based financial products to increase efficiency and transparency in capital markets. The tØ platform was created on the basis of blockchain.
It can be used to issue, buy and sell stocks and bonds as digital, blockchain-based assets. 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.
tØ is based on three pillars making it outstand on the current market – regulatory compliance, transparency and proof of ownership. Altogether they 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 will deny banks the opportunity to make money off dormant ones.
Talking about the first public offering, Patrick M. Byrne, CEO of Overstock.com, said: “This is yet another historic event — the creation of a security that will trade and settle entirely on a distributed ledger. I’ve said from the beginning that blockchain technology is going to change the world of finance forever, and we’re leading that charge.”
At the end of 2015 Overstock.com got an approval from the Securities and Exchange Commission (SEC) to issue company stock using blockchain. Now the offering, issued in accordance with a SEC-effective registration statement, will be of up to an aggregate of 1,000,000 shares of blockchain and traditional Series A preferred stock.
Overstock.com has also announced promising partnership with fashion company Andrew Charles, founded by Andy Hilfiger in New York. Andrew Charles is a lifestyle brand that reflects luxury coupled with traditions inspired by Hilfiger’s years at the center of the fashion and music industries. The brand will add some categories like home goods and fine jewelry, available only on Overstock.com.
“We are excited to announce this exclusive partnership, and to offer our customers these original products,” said Overstock.com President Stormy Simon. “Andrew Charles is a beautiful line, and we are looking forward to adding it to our designer collection.” Andy Hilfiger echoes: “We are thrilled to partner with such a forward-thinking company that reaches millions of people”.
Taking strong interest in blockchain, cryptocurrencies, and IoT, Tatsiana Yablonskaya got deep understanding of the emerging techs believing in their potential to drive the future.