Overstock CEO Patrick Byrne discusses how his company is going to integrate cryptocurrency.
For five years, Overstock CEO Patrick Byrne has been involved in the record-keeping technology behind cryptocurrencies Opens a New Window. , which is more commonly referred to as blockchain.
"We are reimagining the world based in blockchain," Byrne told FOX Business. "A key part of any society is a capital market, and we created a blockchain capital market called tZERO Opens a New Window. ."
Example of tZERO
For those not in the digital currency world, here's a good breakdown of the difference.
"Cryptocurrency is the form of the cryptography which is referred to the digital currency platform," tZERO's head of communications Alex Sotiropoulos told FOX Business. "Blockchain technology is used to store or record information and data of the transaction. A cryptocurrency is a tool/digital asset whereas blockchain is the network/technology to make the transaction happen."
A cryptocurrency is a tool/digital asset whereas blockchain is the network/technology to make the transaction happen.
tZERO's head of communications Alex Sotiropoulos
According to Sotiropoulos, starting Monday, the security tokens of tZERO called TZROP can now be traded by unaccredited investors. Accredited investors have been able to trade TZROP since January.
The technology firm of tZERO has been around since 2014. Its goal was to "revolutionize Wall Street so that financial processes no longer need to rely on traditional institutional market structures in favor of using blockchain to bolster and enhance market integrity," Overstock says.