Medici, the capital markets arm of Overstock`s subsidiary that focuses on blockchain technology is introducing a revolutionary alternative trading system.
The CEO of the online retailer Overstock has recently launched its new blockchain-based system tZero.
More specifically, Medici, the capital markets arm of Overstock`s subsidiary that focuses on blockchain technology is introducing this revolutionary alternative trading system (ATS) that is SEC-regulated.
TZero integrates cryptographically secure distributed ledgers with existing market processes to reduce settlement time and costs. The goal is to match sellers and buyers, while increasing transparency, efficiency, and auditability.
“I think it’s a historic event. We’re opening a new type of capital market.“, as Patrick Byrne, CEO of Overstock.com, told Coin Desk.
The service will offer legally approved and regulated alternative to major securities exchanges like the New York-based Stock Exchange and Nasdaq. Also, Byrne reportedly said that there will be a token sale to help seed the platform, adding that the pre-sale is already oversubscribed.
According to Byrne, the offering is quite promising. As Tech Crunch reported, he is selling the Overstock retail business, so that he can focus on the tZero platform.
The company will only sell initial tokens to accredited investors or offshore buyers but they foresee offering public sales as well.