Overstock to Issue "Digital Corporate Bond" on Bitcoin Blockchain

AccessTimeIconJun 6, 2015 at 9:15 a.m. UTC
Updated Aug 18, 2021 at 3:56 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

UPDATE (9th June 10:49am BST): Overstock CEO Patrick Byrne has bought the company's first cryptobond for $500,000. "I intend to demonstrate my belief not just in Overstock, but in the TØ.com platform that we built and, indeed, in the cryptorevolution itself," he said in a statement.


  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • E-retail giant Overstock has announced it will utilize colored coins to issue what it calls a "digital corporate bond", or a cryptocurrency-based security, based on the bitcoin blockchain.

    The company said in a 5th June press release the issuance forms part of its development of cryptographic security technology aimed at reducing trade settlement friction.

    previously expressed its interest in creating a cryptotoken-based security in an April filing submitted to the US Securities and Exchange Commission (SEC).

    "The cryptorevolution has arrived on Wall Street. We're making it official by offering the world's first cryptosecurity," CEO Patrick Byrne said in a statement.

    According to the company, the bond will be issued using its "TØ.com technology", which was developed as part of its Medici initiative.

    In its release, Overstock said it had outlined the initiative in an investor circular distributed at the beginning of this month. Wiredreported the company is looking to raise as much as $25m.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about