SALT LAKE CITY, June 5, 2015 (GLOBE NEWSWIRE) – Overstock.com, Inc. (Nasdaq:OSTK) became the first company to solicit qualified institutional buyers in a digital corporate bond which will trade using the same technology that underlies cryptocurrencies such as bitcoin. This pioneering development is part of the company’s larger cryptofinance initiative known as Medici.“The cryptorevolution has arrived on Wall Street,” said Overstock.com CEO Patrick M. Byrne. "We’re making it official by offering the world’s first cryptosecurity."Byrne went on to explain that a cryptosecurity is one that trades on a cryptographically-protected distributed ledger. In this case, buyers will be able to track their ownership on the bitcoin blockchain.The issuance is powered by Overstock.com’s TØ.com technology – a name that refers to the fact that trades on the system securely settle same day, as opposed to three days later – or what Wall Street traders refer to as, “T+3”. The TØ.com technology uses the Open Assets protocol.According to Byrne, issuing the TIGRcub bonds on the TØ.com platform proves that cryptotechnology can facilitate transparent and secure access to capital by emerging companies. Byrne added that a circular informing investors of the cryptobond offering was distributed on June 1, 2015.This offering is being made exclusively to qualified institutional buyers that meet the definition of “accredited investor” in compliance with Rule 506© of Regulation D under the Securities Act of 1933, as amended.
Seems like this company is the first to be listed on the market
I don t think it will work.
Cryptos are basically immune to regulations.
Nobody wants to use such a crypto stocks system when you can bypass their regulations using other another crypto stocks system such as Nu.