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Bailey McCann, Opalesque New York: For all of the money going toward blockchain experiments at big financial firms, Overstock.com may be the closest to beating them to market. The company has steadily been building a blockchain based fintech business alongside its online retail arm. The subsidiary company called t0, is planning its first public issuance of blockchain equities and the company has just announced its first broker-dealer relationship.
In August of 2015, Overstock announced that through t0 it was acquiring New York-based SpeedRoute, a provider of securities order execution technology. At the time, SpeedRoute routed approximately 2.5 percent of U.S. equity order flow. t0 is using the SpeedRoute technology to connect its real-time settlement technology to the entire U.S. equity market.
t0 uses the blockchain to handle trade settlements in near real time or a T+0 framework, as compared to the more common T+3 day settlement timeline financial markets get through the Depository Trust & Clearing Corporation (DTCC). "With our technology, the trade is the settlement, essentially," explained Jonathan Johnson, chairman of Overstock.com's board of directors and president of the company's Medici cryptotechnology subsidiary, in an interview with Opalesque. Medici is Overstock.com's majority-owned financial technology subsidiary, through which t0 operates.
"Essentially the process in terms of equity brokerage is parallel, we're just using the bl...................... To view our full article Click here
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