Overstock's crypto subsidiary tØ has acquired Wall Street brokerage firm SpeedRoute, a move the latter's CEO termed a "quantum leap" for securities trading.
TØ (pronounced t-zero), unveiled last month at Nasdaq's New York headquarters, is a blockchain-based equities trading platform Overstock claims could revolutionise clearing and settlement. The SpeedRoute deal, it says, marks a momentous step toward connecting the crypto and capital markets.
SpeedRoute CEO Joseph Cammarata said in a release:
While some details are yet to be finalised, an SEC filing, cited by New York Business Journal's Michael del Castillo, indicates SpeedRoute was bought for $30.3m: $11m in cash and $19.3m-worth of common stock in Overstock. The filing also indicates TØ owned 24.9% interest in the firm prior to the deal.
connects broker-dealers with liquidity at 11 US equity exchanges alongside 'dark pools'. The 15-year-old company is reported to handle 2.5% of order flow in the US stock market.
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