Overstock Sells $5 Million Cryptobond to FNY Capital Affiliate
- Overstock.com is making the first sale of its ‘cryptobond’ security, to First New York (FNY) Managed Accounts, an affiliate of FNY Capital.
Overstock.com is making the first sale of its ‘cryptobond’ securities, to First New York (FNY) Managed Accounts, an affiliate of FNY Capital.
Overstock was one of the first big names to begin accepting Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term for payment last year. It has since shifted focus to its ‘digital securities’ initiatives as part of its Medici project. It recently unveiled the ‘cryptobond’, based on colored coins technology, to be issued on its planned TØ.com platform. In an April filing with the US Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (SEC), Overstock disclosed plans to issue $500 million in ‘digital securities’.
FNY Capital is a trading firm with offices in New York and London, stating to have more than 200 traders.
The firm is the recipient of a $5 million bond bearing an interest rate of 7% over a 5-year term. It has put and call provisions allowing either party to unwind the bond by Q4 this year or earlier. Simultaneous with the bond, Overstock is making a $5 million loan to FNY at a 3% interest rate, structured such that risk arising out of the cryptobond technology’s failure is borne by Overstock.
Ironically, the sale will be celebrated by a launch party at NASDAQ headquarters in New York on Tuesday. Patrick Byrne, long an outspoken critic of Wall Street, believes that cryptocurrency technology can disrupt two-thirds of the money made there. Byrne said that the party will “expose to the world the great strides we are making in our efforts to adapt cryptotechnology to the needs of Wall Street, of which this bond is but one example."
Overstock.com is making the first sale of its ‘cryptobond’ securities, to First New York (FNY) Managed Accounts, an affiliate of FNY Capital.
Overstock was one of the first big names to begin accepting Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term for payment last year. It has since shifted focus to its ‘digital securities’ initiatives as part of its Medici project. It recently unveiled the ‘cryptobond’, based on colored coins technology, to be issued on its planned TØ.com platform. In an April filing with the US Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (SEC), Overstock disclosed plans to issue $500 million in ‘digital securities’.
FNY Capital is a trading firm with offices in New York and London, stating to have more than 200 traders.
The firm is the recipient of a $5 million bond bearing an interest rate of 7% over a 5-year term. It has put and call provisions allowing either party to unwind the bond by Q4 this year or earlier. Simultaneous with the bond, Overstock is making a $5 million loan to FNY at a 3% interest rate, structured such that risk arising out of the cryptobond technology’s failure is borne by Overstock.
Ironically, the sale will be celebrated by a launch party at NASDAQ headquarters in New York on Tuesday. Patrick Byrne, long an outspoken critic of Wall Street, believes that cryptocurrency technology can disrupt two-thirds of the money made there. Byrne said that the party will “expose to the world the great strides we are making in our efforts to adapt cryptotechnology to the needs of Wall Street, of which this bond is but one example."