E-commerce giant overstock.com’scryptocurrency subsidiary tZERO has filed a patent for a “crypto integration platform” for trading digital assets. The patent was printed by the U. S. Patent and Trademark workplace on January. 1.
The patent filing describes a system that may be ready to receive orders to trade “digital transactional items” — like securities, tokens, digital shares, money equivalents and digital assets — from broker-dealers then translate the orders into crypto orders on a digital exchange. The platform reportedly aggregates numerous market information from cryptocurrency exchanges and “locate[s] the most effective value within the crypto marketplace for the digital asset or liability concerned within the transaction.”
Before matching orders, the system supposedly secures the digital transaction things to be listed and cryptographically signs the transactions, as the filing describes. The system later verifies the availability of the funds and digital assets, and clears and settles the transaction.
The platform reportedly is a bridge between legacy trading systems and crypto exchanges, the filing stating:
“The Crypto Integration Platform provides, among alternative things, an interface between legacy trading systems and crypto exchanges that trade digital transactional things. In doing therefore, the Crypto Integration Platform takes a protocol for mercantilism and communication between broker-dealers, various mercantilism Systems ("ATS"), and exchanges, and transforms the message in order that the trade can be completed using cryptographic techniques.”
The platform reportedly uses blockchain technology to verify possession and availableness of the digital transactional items, the patent filing additionally notes. The filing any explains that the platform may be won’t to conduct initial public offerings and alternative offerings of securities that are registered U.S. Securities and Exchange Commission (SEC), “and by the final public to trade those securities in secondary market transactions.”
As Top Market Group reported in December, tZERO was contracted by private equity firm GSR Capital to develop a smart contract token for the sale of cobalt, expected to launch in 2019.
Recently, overstock declared it'll pay a part of its business taxes in the state of Ohio using Bitcoin (BTC) via the cryptocurrency taxpayer platform, OhioCrypto.com. The company’s chief executive officer and founder Patrick Byrne said the move is "the best way to make sure the U.S. doesn't lose our place at the forefront of the ever-advancing international economy."
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