Overstock, FNY Capital finalize $5 million cryptobond deal

Overstock, FNY Capital finalize $5 million cryptobond dealOverstock, FNY Capital finalize $5 million cryptobond deal

Overstock CEO Patrick Byrne

On Friday, online retailer Overstock.com announced the sale of a $5 million digital security in the form of a cryptobond to FNY (First New York) Managed Accounts LLC, an affiliate of FNY Capital.

Overstock said in a press release that the sale is meant to serve as an additional proof-of-concept of the safety and efficiency of exchanging financial instruments through a cryptographically secured, public ledger.

In June, Overstock said it was prepared to offer a $25 million private bond using the Bitcoin blockchain as part of the company’s broader cryptofinance initiative called Medici. CEO Patrick M. Byrne also made the first purchase of the cryptobond that same month for $500,000.

“In recent months the financial industry has been coming to understand the power of digital securities based on cryptotechnology and how this is going to change their world,” said Byrne in the press release. “We welcome First New York, salute the vision of the company’s leadership, and anticipate that this could be the start of a beautiful

Read more ... source: CoinReport