Patrick Byrne, CEO of US online retailer Overstock, unveiled tØ.com today at the headquarters of the major US stock market Nasdaq in New York today.
The announcement marked the formal debut of tØ (pronounced tee-zero), Overstock’s long awaited blockchain-based private and public equities trading platform first announced in 2014.
Byrne also unveiled a “big surprise” in the form of the platform’s Preborrow Assured Token, which Byrne suggested would democratize securities lending. The product, he said, is already being used in an enterprise pilot program, and is the subject of interest by major banks.
Speaking to the crowd, Byrne explained the larger goals of the new platform and why he believes it to be a milestone in the history of trading:
“We built a platform and we’re launching tØ.com, where the trade is the settlement. That’s the big disruptive idea, the entry is both the trade and the settlement, it doesn’t have to be a separate process.”
Elsewhere, the event kicked off with talks by tØ co-founder Johnny Tabacco, Jones Day partner Lee Armstrong and Overstock president Stormy Simon, all of which sought to emphasize the innovative nature of the project and the genius of Byrne,