Overstock to acquire SpeedRoute

Blockchain technology is all set to enter the Wall Street with Overstock's crypto subsidiary t0 acquisition of Wall Street brokerage firm SpeedRoute.

In a press release, Overstock said that the total purchase price for the group of businesses will be paid in cash and Overstock common stock. The acquisition of certain assets remains subject to regulatory notification requirements. As a result of this transaction, SpeedRoute and its related companies will be held within Overstock's subsidiary, t0 (a blockchain-based equities trading platform), in which Overstock's ownership stake increases to 81 percent. 

Overstock.com, headquartered in Salt Lake City, is a technology-based retail company offering customers a wide variety of high-quality products, at great value, with superior customer service. The company provides its customers with the opportunity to shop for bargains by offering suppliers an alternative inventory distribution channel. It is a publicly traded company listed on the NASDAQ Global Market System.

"The combination of SpeedRoute's infrastructure and critical mass connectivity with the t0 blockchain software plugged into the U.S. equity markets creates a paradigm-changing moment for capital markets," Overstock said. 

SpeedRoute, launched in 2010, provides broker-dealers the ability to cost effectively and intelligently navigate the U.S. Equity Markets. SpeedRoute CEO Joseph Cammarata said in a release:

"This collaboration allows Overstock to enter this new financial technology arena with a speed and aggression that I believe will revolutionise Wall Street, while adding an already profitable and cash-flow positive business right to Overstock's bottom line. The winners are going to be investors and regulators alike."