T ZERO: Overstocking the Stock Market
T ZERO is a platform that integrates blockchain technology with existing market processes to reduce settlement time and costs and increase transparency, efficiency, and auditability. T ZERO is able to do this because it’s modular and adaptable.
T ZERO is a subsidiary of Overstock.com, focusing on the development and commercialization of fintech-based technologies based on cryptographically secured, decentralized ledgers. Since its inception in October 2014, T ZERO has established working commercial blockchain products.
It partnered with Keystone Capital Corporation, an independent broker-dealer located in California to create the first public issuance of blockchain equities. Together they provide brokerage services for users that trade blockchain securities.
Patrick Byrne, Overstock’s founder and CEO, led this initiative. The opaque business practices of Wall Street have opened up market opportunities for a clear and trustworthy trading platform where consumers know what they’re buying and the costs involved. The SEC declared parent company Overstock.com’s S-3 filing effective, giving Overstock.com the ability to issue blockchain shares in a public offering. It also partnered with the Industrial and Commercial of Bank of China (ICBC), the world’s largest bank, to test the platform.
Byrne achieves this through Medici, Overstock.com’s majority-owned financial technology subsidiary. Medici focuses on applying blockchain technology to solving significant financial transaction problems. Its first initiative is to clean up securities settlement.