Overstock Will Issue a Private Bond Powered by Bitcoin Techhttp://www.wired.com/2015/06/overstock-will-issue-private-bond-powered-bitcoin-tech/Overstock.com is preparing to offer a $25 million private bond using the blockchain, the distributed online ledger that underpins the bitcoin digital currency.
Earlier this week, the online retailer circulated a document among hedge funds, private equity groups, and other potential Wall Street investors indicating it was offering such a bond. Company CEO Patrick Byrne, the circular says, “believes that cryptotechnology can do for the capital market what the internet has done for consumers”—a reference to the type of technology that drives bitcoin.
Byrne confirms the plan, saying that Overstock could issue its bond as soon as today. Though the company would like to raise the full $25 million from investors, he says, it could issue a bond for less than that total just to get it out the door. Byrne, an outspoken crusader for this type of technology, is intent on being the first to offer what’s called a cryptosecurity.
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