Overstock.com announced yesterday that CEO Patrick Bryne purchased the world’s first cryptobond for $500,000. This pivotal purchase is part of the Medici project, a project designed through Overstock.com’s partnership with Counterparty to create a decentralized stock exchange.
The cryptorevolution has arrived on Wall Street. We’re making it official by offering the world’s first ‘cryptosecurity,’”
said Byrne. He purchased the cryptobond from his own company’s TØ.com cryptosecurity offering, first issued last week. The technology of TØ.com takes its name from the fact that trades on the system clear in the same day, compared to the Wall Street norm of clearing three days later.
The e-commerce giant is the first company to offer qualified buyers the option of purchasing corporate bonds that will trade using Bitcoin’s blockchain protocol. The bonds will sell privately for a combined total of $25 million. Twenty-five cryptobonds will be issued each as a $1 million digital token, available to fully qualified, institutional buyers.
In a recent statement, Byrne said,
It’s not exactly Jonas Salk injecting himself with his polio vaccine, but I wanted to own the first cryptosecurity ever issued. 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.”
The purchase marks a successful start to the expansion of blockchain technology to Wall Street-based trades. Further applications of the blockchain technology could include international microfinance and self-executing living wills.
Read more here- “World’s First Cryptobond Has First Buyer” (MarketWatch)