#WhatsNext? wonders the MarketsMuse.com editors and Overstock’s Patrick Byrne does not fail to surprise with another announcement that could disrupt the capital markets. As a follow-on to a $500mil stock offering reported here on April 29, now Byrne is pitching an offering that he hopes to be the first issuance of a crypto bond aka bitcoin bond using crypto technology.
Per extract below from BrokerDealer.com….
Last Autumn, the firm acquired a 25% stake in alternative trading system (ATS) PRO Securities as part of a long-term ambition to use the core blockchain technology to create a cryptosecurity trading system, in which computer algorithms are used to trade virtual stocks issued by public companies.
The company is now scouting institutional investor interest in its first digital bond issues, which is powered by Overstock.com’s TØ.com technology – a name that refers to the fact that trades on the system securely settle the same day, as opposed to the T+3 convention on Wall Street. – See more at BrokerDealer.com