t0 platform successfully employed in the world’s first public issuance of a blockchain equity
December 22 2016 - 6:00AM
Financial technology company t0.com, Inc. announced the successful
implementation and production level use of its distributed ledger
technology-based platform in the issuance of a registered security.
The shares, issued by Overstock.com, Inc. (NASDAQ:OSTK), are the
first in history able to trade on an alternative trading system
(ATS) utilizing distributed ledger technology.
Equity transactions generally settle three days after trade
date, or T+3. By contrast, trades executed through the t0 (t-zero)
platform, settle on trade date, or T+0, a fact that gives rise to
t0’s name. Same day settlement has long been the aim of both
investors and securities exchanges.
“The efficiencies that blockchain technology introduces to
securities trading and settlement are so significant, it makes
their eventual broad-based adoption inevitable,” said t0 President
and securities trading expert Joe Cammarata. “It’s exciting to be
on the leading edge of this wave of fintech innovation. We look
forward to applying our technology to a very broad range of asset
classes and stages in the trade lifecycle.”
t0 software leverages the security, transparency and
immutability of cryptographically protected, distributed ledgers to
transfer the digital representation of cash and digitized assets
between accounts with unprecedented speed. This greatly decreases
transaction friction and the need for many incumbent intermediaries
while eliminating counterparty risk.
“t0’s platform not only utilizes and builds upon the well-known
strengths of distributed ledger technology, but is designed to be
compatible with financial institutions’ back office processes,”
said t0 Chief Operating Officer Raj Karkara. “We believe that this
combination of technologies will be invaluable in reducing time to
market for a wide range of asset classes and in simplifying the
ever-growing challenge of maintaining strict regulatory
compliance.”
Having achieved what Overstock.com founder and CEO Patrick Byrne
has termed the “Chuck Yeager Moment,” in which a formidable barrier
is proven to be breakable, t0 will now build upon and expand its
suite of offerings to include solutions for streamlining back
office operation, securities lending and exchange of other asset
classes such as ETFs, mutual funds and pre-IPO company shares.
About t0 t0.com, Inc.
(pronounced tee-zero) is a majority owned subsidiary
of Overstock.com, focusing on the development and
commercialization of financial technology (FinTech) based on
cryptographically-secured, decentralized ledgers – more commonly
known as blockchain technologies. Since its inception, t0 has
pioneered the effort to bring greater efficiency and transparency
to capital markets through the integration of blockchain
technology. More information is available at t0.com.
About Overstock.comOverstock.com, Inc.
(NASDAQ:OSTK) is an online 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.
Additional stores within Overstock include Worldstock.com,
dedicated to selling artisan-crafted products to help developing
nations around the world and Main Street Revolution, supporting
small-scale entrepreneurs in the U.S. by providing them with a
national customer base. Other community-focused initiatives include
Farmers Market and pet adoptions. Forbes ranked Overstock in
its list of the Top 100 Most Trustworthy Companies in 2014.
Overstock sells internationally under the name O.co and regularly
posts information about the company and other related matters under
Investor Relations on its website.
SOURCE t0.com, Inc.
Media Contact:
Judd Bagley, t0.com, Inc.
(801) 947-5352
jbagley@t0.com
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