Tag: Overstock

Overstock’s Security Token Trading Platform to Give Investors Control Over Token-Holdings

Overstock’s Security Token Trading Platform to Give Investors Control Over Token-Holdings

COINTELEGRAPH, CRYPTOCURRENCY
The security token exchange subsidiary of e-commerce retail giant Overstock, tZero, has started releasing control of its tokens, according to a letter to investors released on Jan. 11.Last August, the subsidiary had announced that its security token offering would close, having raised $134 million out of the maximum amount of $250 million previously specified. In June 2018, tZero had also signed a letter of with investment company GSR Capital for the purchase of $160 million in tZero Security Tokens.According to tZero CEO Saum Noursalehi’s letter, investors now have the option of choosing where to hold their security tokens, either by creating a brokerage account with Dinosaur Financial Group, a tZero partner and broker dealer, or holding them in a person wallet with a two-step verificatio
Overstock’s tZERO Begins Distributing Its Security Token to Investors

Overstock’s tZERO Begins Distributing Its Security Token to Investors

Coin Desk
Security token trading platform tZERO, a portfolio company of digital retailer Overstock, has begun the process of giving investors control of tokens bought during a sale the firm completed last August. In a letter sent to investors late Thursday, tZERO CEO Saum Noursalehi outlined the first steps toward taking custody of the tZERO security tokens. TZERO wrapped up the $134 million offering in August, and in October said that it had completed the issuance of the tokens, which were then locked up in a custodial wallet until January 10, as outlined in a press statement at the time. “As you are aware, on October 12, 2018 we completed the issuance of the tZERO security tokens. The tokens have been locked up in wallets maintained by tZERO on behalf of our token holders for 90 days following the
Overstock’s tZERO Receives Patent for ‘Crypto Integration Platform’

Overstock’s tZERO Receives Patent for ‘Crypto Integration Platform’

BLOCKCHAIN, COINTELEGRAPH, CRYPTOCURRENCY
E-commerce giant Overstock.com’s cryptocurrency subsidiary tZERO has filed a patent for a “crypto integration platform” for trading digital assets. The patent was published by the United States Patent and Trademark Office on Jan. 1.The patent filing describes a system that would be able to receive orders to trade “digital transactional items” — such as securities, tokens, digital shares, cash equivalents and digital assets — from broker-dealers and then translate the orders into crypto orders on a digital exchange. The platform reportedly aggregates various market data from cryptocurrency exchanges and “locate[s] the best price in the crypto market for the digital asset or liability involved in the transaction.”Before matching orders, the system purportedly secures the digital transaction
Overstock’s tZERO Wins Patent for Integrating Crypto With Legacy Trading Tech

Overstock’s tZERO Wins Patent for Integrating Crypto With Legacy Trading Tech

Coin Desk
Security token trading platform tZERO, a portfolio company of digital retail giant Overstock, has won a patent outlining how it may merge legacy trading systems with cryptocurrencies and digital asset tech. Published Thursday by the U.S. Patent and Trademark Office, the patent describes a “Crypto Integration Platform” capable of combining market information from a variety of sources to determine best prices. The system would then “secure both the digital transactional items (i.e., the funds for a buy order and the digital assets or liabilities for a sell order)” before conducting the transaction. These transactional items could include digital assets, liabilities, commodities, cryptocurrencies, tokens or cash. According to the patent, the system will also sign the transactional items crypt
Overstock Makes Key Executive Change at Blockchain Subsidiaries

Overstock Makes Key Executive Change at Blockchain Subsidiaries

Coin Desk
Medici Ventures, the blockchain investment arm of Overstock, is reassigning a top executive to focus on revenue generation at its most prominent portfolio company, tZERO. Steven Hopkins, the chief operating officer of Medici, planned to resign from that job to become chief revenue officer at tZERO, a regulated exchange for security tokens, according to a December 28 Securities and Exchange filing by Overstock. The appointment was to follow the conclusion of a deal in which tZERO would buy 67 percent of the crypto wallet startup Bitsy from Hopkins and his father-in-law Richard N. Beckstrand for $8 million and the other 33 percent from Medici via a convertible promissory note worth $4 million. The note is due for repayment at the end of 2020, the document says, unless it is converted to equi

Signs of Adoption: Overstock to Pay Taxes with Bitcoin

BITCOIN, BLOCKCHAIN
Major internet retailer Overstock is set to become the first large US-based corporation to pay its state business tax in Ohio using Bitcoin. Bitcoin Taxes in OhioPopular internet retailer Overstock announced Thursday, January 3rd, that it intends to pay a part of its commercial activity taxes (CAT) in Ohio during February using Bitcoin. Supposedly, the company will become the first major corporation to pay its taxes using digital currencies.The move comes a few months after Ohio became the first state to allow businesses to pay taxes using Bitcoin.Speaking on the matter was Patrick M. Byrne – Founder and CEO at Overstock, who noted:We have long thought that thoughtful governmental adoption of emerging technologies such as cryptocurrencies (when accompanied by non-restrictive legislation ov
Overstock Wants to Pay its Ohio Business Tax in Bitcoin

Overstock Wants to Pay its Ohio Business Tax in Bitcoin

BITCOIN, BTC MANAGER
Online retailer Overstock announced it would pay a part of its Ohio state business tax using bitcoin, making it the first company to use Ohio’s crypto tax portal, Fortune reported on January 3, 2019. Paying Taxes in Virtual Currency An online retail company has made new year’s headlines as being the first to make use of a relatively new phenomenon: Paying state taxes in crypto. According to Fortune, online retailer Overstock announced that it would be paying a part of its Ohio state business tax using bitcoin. This would make the company the first to use a first-of-its-kind payment portal called OhioCrypto, a state-sponsored platform which lets businesses remit taxes using cryptocurrency. Ohio Treasurer Josh Mandel told Forbes that the program was created to make paying taxes more conven
Bitcoin Price Analysis: BTC Bullish Above $3,700, Overstock Path Paving

Bitcoin Price Analysis: BTC Bullish Above $3,700, Overstock Path Paving

BITCOIN, NEWSBTC
Latest Bitcoin NewsAside from Bakkt, the never-ending wait for US SEC to comment or even approve Bitcoin ETF, the crypto and Bitcoin sphere is bereft of market-moving news. True, there are essential updates from time to time and what dominates right now is Overstock plans of “paying” their commercial activity taxes (CAT) using Bitcoin in the US State of Ohio.In a statement, the founder of Overstock, Patrick M. Byrne said:“The Company is proud to partner with forward-thinking governments and officials like Ohio and Treasurer Mandel to help usher in an era of trust through technology for our nation’s essential financial systems.”By working with a crypto payment processor, BitPay, Ohio became the first US state to embrace cryptocurrency allowing businesses to pay for 16 types of taxes by firs
US Retail Giant Overstock to Use Bitcoin to Pay Its Taxes in Ohio

US Retail Giant Overstock to Use Bitcoin to Pay Its Taxes in Ohio

BITCOIN, COINTELEGRAPH, CRYPTOCURRENCY
United States retailer Overstock.com has announced it will pay part of its business taxes in the state of Ohio using Bitcoin (BTC), according to an announcement on its website Jan. 3.Overstock will cover commercial activity taxes (CAT) with Bitcoin starting February, using the recently launched cryptocurrency taxpayer platform, OhioCrypto.com.The company’s CEO and founder Patrick Byrne — a longtime crypto enthusiast — said in the announcement that governmental adoption of cryptocurrencies and other emerging technologies, accompanied by friendly legislation, is "the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy."As Cointelegraph previously reported, Ohio became the first U.S. state to accept Bitcoin as a payment method for taxes in
Overstock Will Pay Some of Its 2019 Taxes in Bitcoin

Overstock Will Pay Some of Its 2019 Taxes in Bitcoin

Coin Desk
Digital retail giant Overstock.com plans to pay at least some of its taxes using bitcoin this year. The company announced on its investor portal Thursday that it would pay some of its state commercial activity taxes in Ohio using bitcoin, becoming the first major business to do so. Ohio announced last year that it would allow businesses to pay taxes in bitcoin, though the payments would be converted into dollars by a third party before the state accepted them. In a statement, Overstock CEO and founder Patrick Byrne said the company was “proud to partner” with the Ohio government “to help usher in an era of trust through technology for our nation’s essential financial systems,” adding: “We have long thought that thoughtful governmental adoption of emerging technologies such as cryptocurrenc