Overstock subsidiary TØ announced its partnership with California-based Keystone Capital Corporation, a securities broker-dealer, in a first public issuance of blockchain equities.
According to the release, Keystone has selected TØ’s blockchain-based trading technology as part of its brokerage service’s support from Overstock.com, Inc. The brokerage services will be provided by Keystone under TØ license agreement, for market participants who are seeking to trade blockchain securities.
“It’s no secret that Overstock’s own financial technology subsidiary, t0, has been working on a blockchain version of Wall Street and that Overstock desires to demonstrate its system by issuing a security of its own on the technology it is creating. Keystone Capital has aligned with us in this historic effort,” Patrick M. Byrne, CEO of Overstock.com said.
The TØ technology will enable investors to create digital trading accounts with Keystone after the commencement of Overstock’s issuance subscription period. Keystone found that taking part in the world’s first blockchain-based public equities issuance is a great opportunity and an important step.
“We are very excited to be a part of this cutting-edge opportunity. Everyone speaks about using blockchain technology, but very few are actually making it happen. We are also thoroughly enjoying working with such a talented group of technologists on the t0 team,” Steven Capozza of Keystone Capital said.
The securities offered by Overstock include Medici, Inc., a fintech subsidiary of Overstock that is focusing on applying blockchain technology in solving key financial transaction problems, focusing in the area of securities settlement. The United States Securities and Exchange Commission (SEC) last December gave Overstock.com the ability to issue blockchain shares in a public offering.
