BUSINESS

Overstock.com Inc (NASDAQ:OSTK)’s Fintech Unit To Launch Exchange For Security Tokens

BOX Digital Markets and the financial technology subsidiary of Overstock.com Inc (NASDAQ:OSTK), Tzero, recently announced the launch of a regulated exchange focusing on security tokens. According to the two firms the joint venture will be equally owned and will be responsible for creating the exchange which will engage in the listing as well as public trading of security tokens.

In a telephone interview with Reuters, the founder and chief executive officer of Overstock, Patrick Byrne, indicated that the exchange could go live as soon as the third quarter of this year. However the two firms will require the approval of regulators such as Securities and Exchange Commission in order to build the first security token exchange that is regulated.

Joint venture

BOX Digital’s chief executive officer as well as BOX Options Exchange president, Lisa Fall, will serve as the top executive of the venture. While Tzero has indicated that it will contribute cash besides licensing its blockchain technology, BOX Digital will provide personnel and expertise that will be involved in getting the necessary regulatory approval as well as running the exchange. Two months ago Overstock’s chief executive officer said in an interview with CNBC that raising money through Security Token Offerings was safer relative to Initial Coin Offerings.

This comes in the wake of Overstock winning the 2018 Appy Award for the best retail mobile application managing to beat rivals. According to Overstock’s senior vice president of product and engineering the online retailer’s mobile app reflects the company’s relentless focus on providing customers with an enjoyable shopping experience by offering cutting-edge technology without compromising on user-friendliness.

Private label furniture brands

Some of the features which caught the attention of the judges include high quality 3D models, unique search functions and personalized product recommendations. These features allow customers to get the products they are looking for or come up with their own designs.

Overstock also recently launched 17 private label brands which will be exclusive to the online retailers. The launch of the private label brands was driven by results of an in-house consumer study which indicated that 82% of shoppers are looking for furniture brands which reflect their personality, tastes and preferences.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top