Posted On: 08/26/2015 9:51:46 PM
Post# of 39368
We need to hang on here overstock is going to turn the equity markets upside down...
Overstock buys financial order-routing firm SpeedRoute
Aug. 26, 2015 6:28 PM • SA Editor Eric Jhonsa
Overstock's (NASDAQ:OSTK) t0 cryptofinance subsidiary is buying SpeedRoute, a firm said to handle 2.5% of U.S. equity order flow, along with related firms Pro Securities and TraderField.
In an 8-K filing, Overstock notes it's paying $700K in stock for the aforementioned companies, but adds it's paying $11M in cash and $19.3M in stock to buy a related entity called Cirrus Technologies.
The online retailer isn't bashful when it comes to talking up the purchase. "The acquisition of SpeedRoute and its underlying technologies positions Overstock to connect t0 trading to the entire U.S. equity market. The combination of SpeedRoute's infrastructure and critical mass connectivity with the t0 blockchain software plugged into the U.S. equity markets creates a paradigm-changing moment for capital markets."
Libertarian CEO Patrick Byrne: "According to Karl Marx, 'The philosophers have only interpreted the world. The point, however, is to change it.' The acquisition of SpeedRoute brings to fruition the idea behind t0.com: making financial markets more fair and efficient through the application of crypto technology."
Overstock buys financial order-routing firm SpeedRoute
Aug. 26, 2015 6:28 PM • SA Editor Eric Jhonsa
Overstock's (NASDAQ:OSTK) t0 cryptofinance subsidiary is buying SpeedRoute, a firm said to handle 2.5% of U.S. equity order flow, along with related firms Pro Securities and TraderField.
In an 8-K filing, Overstock notes it's paying $700K in stock for the aforementioned companies, but adds it's paying $11M in cash and $19.3M in stock to buy a related entity called Cirrus Technologies.
The online retailer isn't bashful when it comes to talking up the purchase. "The acquisition of SpeedRoute and its underlying technologies positions Overstock to connect t0 trading to the entire U.S. equity market. The combination of SpeedRoute's infrastructure and critical mass connectivity with the t0 blockchain software plugged into the U.S. equity markets creates a paradigm-changing moment for capital markets."
Libertarian CEO Patrick Byrne: "According to Karl Marx, 'The philosophers have only interpreted the world. The point, however, is to change it.' The acquisition of SpeedRoute brings to fruition the idea behind t0.com: making financial markets more fair and efficient through the application of crypto technology."
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