By: Joseph Young
On June 5, retail giant Overstock became the first company to offer a corporate bond, valued at US$25 million, as crypto securities to qualified institutional investors. The offering is part of the company’s bitcoin blockchain-based initiative called Medici.
Overstock CEO Patrick Byrne stated in a press release:
“The crypto revolution has arrived on Wall Street. We’re making it official by offering the world’s first crypto security.”
The crypto securities, or stocks, will be powered and issued by Overstock’s TØ.com platform, which Overstock said
“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 transparency of cryptosecurities distributed on the bitcoin blockchain allows investors and buyers to trail down their purchases and ownership of crypto securities.