E-commerce large Overstock.com’s cryptocurrency subsidiary tZERO has filed a patent for a “crypto integration platform” for buying and selling digital belongings. The patent was published by the United States Patent and Trademark Workplace on Jan. 1.
The patent submitting describes a system that may have the ability to obtain orders to commerce “digital transactional gadgets” — similar to securities, tokens, digital shares, money equivalents and digital belongings — from broker-dealers after which translate the orders into crypto orders on a digital change. The platform reportedly aggregates numerous market knowledge from cryptocurrency exchanges and “find[s] the very best value within the crypto marketplace for the digital asset or legal responsibility concerned within the transaction.”
Earlier than matching orders, the system purportedly secures the digital transaction gadgets to be traded and cryptographically indicators the transactions, because the submitting describes. The system subsequently verifies the supply of the funds and digital belongings, and clears and settles the transaction.
The platform reportedly serves as a bridge between legacy buying and selling methods and crypto exchanges, the submitting stating:
“The Crypto Integration Platform gives, amongst different issues, an interface between legacy buying and selling methods and crypto exchanges that commerce digital transactional gadgets. In doing so, the Crypto Integration Platform takes a protocol for buying and selling and communication between broker-dealers, Various Buying and selling Techniques (“ATS”), and exchanges, and transforms the message in order that the commerce may be consummated utilizing cryptographic strategies.”
The platform reportedly makes use of blockchain expertise to confirm possession and availability of the digital transactional gadgets, the patent submitting additionally notes. The submitting additional explains that the platform can be utilized to conduct preliminary public choices and different choices of securities which can be registered U.S. Securities and Change Fee (SEC), “and by most people to commerce these securities in secondary market transactions.”
As Cointelegraph reported in December, tZERO was contracted by personal fairness agency GSR Capital to develop a wise contract token for the sale of cobalt, anticipated to launch in 2019.
Lately, Overstock announced it would pay a part of its enterprise taxes within the state of Ohio utilizing Bitcoin (BTC) through the cryptocurrency taxpayer platform, OhioCrypto.com. The corporate’s CEO and founder Patrick Byrne stated the transfer is “the easiest way to make sure the U.S. doesn’t lose our place on the forefront of the ever-advancing world financial system.”