Overstock.com Inc.’s is moving forward with its plans to launch a private blockchain based equities exchange with the company saying at a conference Monday that the exchange would be launching before the end of the year.
The T0.com platform, first announced in 2014 and used by Overstock.com in a $25 million (£20.45 million) bond offering in 2015, will be a launched as a marketplace for trading widgets as it can’t legally call itself a stock exchange, with those “widgets” being tied to equity in the companies on the exchange.
Overstock.com has gone down the path of building its own blockchain based equities trading service due to it previously being exposed to stock market manipulation of its shares.
According to VentureBeat, Overstock.com found that the trouble in the case was in part due to the complexity of settling trades, in particular the fact that trades are not fully settled for three days.
“It’s no secret that Overstock’s own financial technology subsidiary, TØ, has been working on a blockchain version of Wall Street,” Overstock.com Chief Executive Officer Patrick Byrne said back in September.