Byrne confirmed the exchange, code-named "Medici," would operate atop the Counterparty platform. This news caused the XCP price to soar (XCP is the native currency for the Counterparty platform).
Overstock Announces Decentralized Stock Exchange
Overstock CEO Patrick Byrne's announcement of a decentralized stock exchanged caused the XCP price to surge. The current XCP price is 790,297 satoshis. Chart from CoinGecko.
As WIRED reported, Overstock today announced that it has hired two Counterparty developers, including co-founder Robby Dermody, to build a digital decentralized stock exchange. Code-named "Medici," Overstock hopes the exchange will serve as a decentralized alternative to traditional Wall Street brokers and exchanges.
The Medici exchange–which Byrne hopes will achieve regulatory compliance–will operate atop the Counterpary platform (which itself functions on top of the Bitcoin blockchain) and allow users to buy and sell corporate stock. Overstock will issue their corporate stock on Medici, and they anticipate other companies will follow suit.
The planned exchange should tremendously reduce the difficulty and cost associated with stock trading. This increased efficiency could help average consumers make their first forays into the stock market.
XCP Price Soars
The news that Overstock is planning to build its crypto-Wall Street on top of Counterparty caused the XCP price to soar. XCP is the native currency of Counterparty, and though it is unclear to what extent Medici will integrate XCP, investors assume it will play an important role.