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Overstock.com, Inc., the e-commerce retailer, became the first company to solicit qualified institutional buyers in a digital corporate bond that will trade using the bitcoin block chain. This development is part of Overstock’s larger cryptofinance initiative known as Medici. “The cryptorevolution has arrived on Wall Street,” said Overstock.com CEO Patrick M. Byrne. “We’re making it official by offering the world’s first ‘cryptosecurity.’” Byrne defined a cryptosecurity as a security that trades on a cryptographically-protected distributed ledger. Cryptosecurity buyers will be able to track their ownership on the bitcoin block chain.
Another impressive initiative from Patrick M. Byrne. Seriously, we owe a lot to this guy.