CEO of US online retailer Overstock.com Patrick Byrne has unveiled Overstock’s long-awaited version of the smart-contract trading platform. The platform is called t0.com (pronounced “t zero,” a play off “T+3,” shorthand for the three days it takes a contract to settle).
Overstock was already a major player in the cryptocurrency space, being one of the first global companies to accept bitcoin for purchases. First announced in 2014, t0 is a blockchain-based and will allow for the trading of public and private equities via instantaneous transactions. The current settlement process is costly and lengthy and involves a number of intermediaries and various levels of banks. Byrne believes that blockchain technology could alleviate some of the problems of the current settlement system, saying
We built a platform and we’re launching tØ.com, where the trade is the settlement. That’s the big disruptive idea, the entry is both the trade and the settlement, it doesn’t have to be a separate process.”
The event took place Wednesday in New York City at the NASDAQ headquarters overlooking Times Square. Byrne spoke of the nature of changes in the Wall Street trading systems, attempting to pose this innovation as not threatening to Wall Street business models. He stressed that t0 plans to license the product to enterprise trading firms.
While talk of bitcoin itself was noticeably absent from Byrne’s remarks, there is no question that bitcoin technology has arrived on Wall Street.
Read more here- “Smart Contracts Land on Wall Street,” (Paul Vigna, The Wall Street Journal BitBeat)
Mackenzie is a Marketing Fellow and a rising junior at Villanova University. She is planning to co-major in Marketing and Finance and minor in Business Entrepreneurship. As a part of her studies, she has created and presented a comprehensive marketing plan to professionals from The Vanguard Group featuring Vanguard's exchange-traded funds.