Online retail outlet Overstock.com announced today that it will issue shares of its stock on the t0.com blockchain-based securities settlement platform.
The announcement was made at the 41st Annual International Futures Industry conference held in Boca Raton, Florida.
According to the release, existing Overstock shareholders will have the option of acquiring normal preferred shares or the new blockchain-issued shares. In an interview with CoinDesk, Judd Bagley, General Manager of digital currencies at Overstock, reassured prospective and existing clients that issuing stock on the blockchain is no different than a traditional stock offering:
“We’ve proved the safety and security of the tech numerous times … enough for us to be confident in the capacity to make this work and ensure investors that we meet safety and security that SEC demands.”
Patrick Byrne, CEO of Overstock and t0.com, is a longtime proponent of distribute ledger technology and refereed to today’s news as a “historic event” for his company and the future of blockchains in the securities industry.
Byrne said in the press release:
“I’ve said from the beginning that blockchain technology is going to change the world of finance forever, and we’re leading that charge.”
The new share offering will be limited to 1 million shares of blockchain-issued and normal Series A preferred stock.
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