Overstock’s TØ Blockchain Platform Acquires Market Data Firm

Stan Higgins
Jan 18, 2017 at 11:00 UTC
NEWS

Blockchain-powered securities trading platform tØ has acquired the assets of a Singapore technology firm as part of plans to enhance its information services.

The firm, Blue Ocean Financial Technology, is a finance data service provider, with a special focus on delivering information related to US securities.

Using the Blue Ocean assets, tØ – which is backed by online retail giant Overstock – is setting up a new company outside of the US, with an eye to use its infrastructure to deliver real-time market information.

TØ president Joe Cammarata said in a statement:

“Blue Ocean Technologies will provide investors in the rapidly growing Asian region with an avenue to execute U.S. equities during their usual business hours. This concept is the first of its kind, and has already attracted the attention of several large market-making clients to provide daily liquidity within our platform.”

Overstock has acquired other firms, including Wall Street brokerage firm SpeedRoute, as part of the build-up of the platform.

The firm’s Medici division launched tØ to great fanfare in mid-2015 after the e-tailer first began to work on securities trade tools a year prior.

Last year, Overstock used its tech to kick off its own blockchain-based securities offering, going on to raise about $1.9m by way of shares sold on the platform.

Image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

OverstockAcquisitions

Load Comments