Overstock set for world-first IPO via blockchain

In a world first, online retailer Overstock has announced that it will issue public shares using its proprietary blockchain technology, allowing shareholders to trade traditional and blockchain stock exclusively through its dot com platform and alternative trading system. Last year, the company issued the world's first private blockchain cryptobond.

In what it claims is a world first, online retailer Overstock is set to issue public shares using its proprietary blockchain technology.

The firm says that its public offering will mean that shareholders will be able to trade "traditional" or "blockchain" stock. The latter will trade and settle exclusively through Overstock's tØ.com platform and its alternative trading system.



Patrick Byrne, CEO, tØ.com, says: "This is yet another historic event - the creation of a security that will trade and settle entirely on a distributed ledger. I've said from the beginning that blockchain technology is going to change the world of finance forever, and we're leading that charge."



Overstock set up the tØ subsidiary to lead its aggressive efforts to develop and commercialise blockchain tech. Last year the retailer issued the world's first private blockchain cryptobond, and is now going further through the first public blockchain security.