Overstock released T platform? The blockchain stock plan
? Online retail giant Overstock in yesterday’s forty-first session of the international futures industry conference will be announced in the blockchain equity trading platform t Overstock issued its own stock?.
T? Platform in August 2015 debut, OverstockCEO Patrick Byrne (PaTrickByrne) to t through the block chain technological innovation securities trading and settlement, the blockchain equity trading platform product? Is this idea, securities and bonds can be used as a block chain assets in T based on digital platform, on the issue? In order to break the T+3 settlement model developed by DTTC.
Overstock will release two versions of the Overstock stock, one version will be issued as the traditional trading system on the Nasdaq, another version in the T block chain platform on the issue?. Overstock encryption currency general manager Judd Bagley? (JuddBagley) said that the stock will depend entirely on the chain block to the center of the books for trading, settlement and record.
Bagley said CoinDesk: “we have repeatedly demonstrated the safety and reliability of this technology…… This is enough to make us confident that t? Platform operation, has the ability to ensure that investors, we can also meet the requirements of safety and reliability of SEC.”
Bagley pointed out, Overstock sold a total value of $5 million “encrypted securities” on July 2015 (cryptobond), this is Patrick Bourne and CEO? FNY management account – a trading company based in New York, to do the preliminary test, using the block chain display technology for financial instruments is to be digitized and how to carry out the transaction.
For the stock, Bagley said, t? Overstock licensing ledger management stock, but the transaction will be partial, and will bitcoin block chain based on cryptographic hash to obtain additional transparency.
Issued a total of 25 million 290 thousand shares, as part of the project, Overstock will issue 1 million block chain preferred stock.
Bagley said: “we selected 1 million shares, it will provide sufficient liquidity to prove this concept, offering the stock not to raise money, but to demonstrate the potential of this technology.”
Two yuan market
It is worth noting that the introduction of the blockchain stock means that Overstock shares will be traded in two different markets, there may be two separate values.
For example, Bagley pointed out that the system will not block chain anchored to the traditional shares of preferred stock, which means that traders can trade two assets.
Bagley said: “we estimate that traders will find the arbitrage opportunities, if there is a difference between the blockchain pricing shares and other stocks, traders will use this. This value will be determined by the market.”
Finally, the Overstock does not provide to the launch schedule.