SEC Filing: Overstock Buys 25% Stake in Broker-Dealer for 250k to Develop Cryptosecurities
Overstock.com says it has acquired a 24.9% stake in an unnamed "registered broker-dealer" as part of efforts to "develop and license software to trade cryptosecurities using the 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 network and its protocols." The company paid $250,000.
The revelation was made in Overstock's 10-k annual report filing with the 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) on March 12.
A passionate supporter of Bitcoin and vocal critic of Wall Street, Overstock's Patrick Byrne announced intentions to create a registered marketplace for "cryptosecurities" last year. Dubbed the “Medici” project, the aim is to “democratize Wall Street” and remove the middleman in securities trading, much like Bitcoin is envisioned for the movement of money.
Byrne did stipulate that he wants Overstock "to be an adult partner to everyone involved in this" and that he doesn't "want to be an adversary." The project aims to create a fully regulated platform and is working with a legal team seasoned with digital currency to see how this can be done.
A number of "Bitcoin 2.0" protocols were proposed, the first one to be employed for active development being Counterparty. Recently, Counterparty developers left the project. According to Overstock, there was a shift in the project's direction and other protocols are being incorporated.
The filing also says that Overstock's stake in the broker-dealer has not changed significantly in value since making the purchase last year.
For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.
Overstock.com says it has acquired a 24.9% stake in an unnamed "registered broker-dealer" as part of efforts to "develop and license software to trade cryptosecurities using the 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 network and its protocols." The company paid $250,000.
The revelation was made in Overstock's 10-k annual report filing with the 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) on March 12.
A passionate supporter of Bitcoin and vocal critic of Wall Street, Overstock's Patrick Byrne announced intentions to create a registered marketplace for "cryptosecurities" last year. Dubbed the “Medici” project, the aim is to “democratize Wall Street” and remove the middleman in securities trading, much like Bitcoin is envisioned for the movement of money.
Byrne did stipulate that he wants Overstock "to be an adult partner to everyone involved in this" and that he doesn't "want to be an adversary." The project aims to create a fully regulated platform and is working with a legal team seasoned with digital currency to see how this can be done.
A number of "Bitcoin 2.0" protocols were proposed, the first one to be employed for active development being Counterparty. Recently, Counterparty developers left the project. According to Overstock, there was a shift in the project's direction and other protocols are being incorporated.
The filing also says that Overstock's stake in the broker-dealer has not changed significantly in value since making the purchase last year.
For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.