t0 licenses platform to Electronic Transaction Clearing
Electronic Transaction Clearing, ETC, has integrated with t0's platform and will act as custodian of shares in a forthcoming blockchain preferred share offering from Overstock.com.This is another piece of a puzzle we are assembling as we create the world's first blockchain-based securities trading platform," said Joe Cammarata, electronic trading veteran and newly-appointed President of t0. "ETC is as eager as we are to be a part of the historic moment when the world's first digital security is issued using distributed ledger technology." Under the agreement, ETC will provide custodian services to securities broker-dealer Keystone Capital Corporation, which has licensed t0's blockchain-based trading technology."We at ETC are excited to be a part of this new and ground-breaking endeavor. This venture with t0 is a natural partnering for ETC in that it falls in line with ETC's core values and commitment to utilizing cutting-edge technology to continuously explore efficiencies in the securities markets," said Harvey Cloyd, CEO of ETC's parent, ETC Global Group. "ETC's nimble clearing ecosystem and efficient transaction processing make it a perfect vehicle for serving as the first clearing firm to transact in these securities." Medici, parent of t0, is Overstock.com's (OSTK) majority-owned financial technology subsidiary, focusing on applying blockchain technology to solving important financial transaction problems, particularly in the area of securities settlement. Overstock.com made financial history in June of 2015 as the first public company to issue a private security using blockchain technology. In December of 2015, the SEC declared parent company Overstock.com's S-3 filing effective, giving Overstock.com the ability to issue blockchain shares in a public offering.