Overstock has often been at the front of bringing up new products, services and working as a change agent in Bitcoin ecosystem. The organization has now unveiled an impressive piece of technology, a blockchain-based trading platform. Patrick Byrne, the man behind the company has been playing pivotal role in the entire Bitcoin community for years.
The platform, oddly named ‘tØ’ platform, which is pronounced “tee-zero”, was first announced in 2014. According to the sources it will allow for the trading of public and private equities via instantaneous transactions. Talking about the platform Byrne said that the tech could reduce 80 to 90 percent of systemic costs since settlement currently makes up most of the overall costs.
The Trading Platform could Disrupt Global Financial System
Blockchain tech has been disrupting the financial technology for quite some time. Even this trading platform could potentially disrupt the entire global financial system, ushering in a new era of secure and low-cost trading. Nonetheless, the blockchain-based trading platform could potentially revolutionize the trading industry.
Elaborating the full agenda to media Byrne said that he has already announced a partnership to test the platform with the Industrial and Commercial Bank of China (ICBC). This bank is considered the world’s largest bank, bringing it on the board is huge success. He also claimed that five other banks, which will remain unnamed for now, agreed to test out the tech.
It appears that Byrne who has been a big supporter of Bitcoin, in part thanks to his generally libertarian political views, is all set to usher into the big league with the idea of a government-free currency. The new tech isn’t Bitcoin-specific, but instead borrows Bitcoin’s now famous blockchain technology.
Patrick Byrne has been Penchant Supporter of Bitcoin Technology
It indeed has come to notice that many financial experts have been predicting that blockchain tech will revolutionize the financial industry, owing to its potential to disrupt the current technology market. Now it looks like Patrick Byrne has made the future come early. However, it is for the first time that a sincere effort has been put forward by Overstock.
Nonetheless, as blockchain technology has emerged as a hot topic lately, with numerous financial, non-profit and government experts referring to it as a potentially disruptive technology, implementing it into the new projects has always been a difficult task. However, for Patrick Byrne, things become easy, provided he wants them at the place.
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