Find out who Patrick Byrne is and his company Tzero. The tokenized securities sector is slowly gaining traction.
Over the last few weeks, we’ve seen the cryptocurrency market take a nose dive. This nose dive was both in price value and sentiment. All around the world, the nay-sayers of Bitcoin arose to stomp out the fallen coin and make fun of it’s lowered price and of the technology behind it, blockchain. One man has decided to go all in publicly and his name is Patrick Byrne CEO of Overstock.
Patrick Byrne runs Overstock, which is a competitor to Amazon. He was one of the first individuals to back Bitcoin and accept payments back in 2014. Overstock is an American internet retailer. Last year their revenue was around 1.7 billion dollars. Why would this man decide to go all in on cryptocurrency and blockchain by selling the retail division of his business? He’s very bullish on the security token applications side of the blockchain world. As well as the application of the blockchain technology into the infrastructures of businesses on a corporate level.
On Feburary 23, 2018 Patrick Sat down with Business Insider’s Sara Silverstein to discuss crypto, blockchain, and his multi-million dollar investment into Ravencoin. Ravencoin is leading the way on issuing security tokens the same way Polymath is trying too, however, Ravencoin is also focused on streamlining the transfer of assets. Many speculators are saying the next big boom will be the migration of commodities, real estate, and funds who want to tokenize their assets. What does this have to do with Mr. Byrne?
Patrick Byrne started Tzero which is a platform dedicated to making trading of security tokens very easy. It also has other features and goals as their website state: “Our platform integrates cryptographically secure distributed ledgers with existing market processes to reduce settlement time and costs, increase transparency, efficiency and auditability.” Patrick Byrne recently announced that he will sell Overstocks Retail business in order to focus on crypto and blockchain. This caused Overstocks stock to surge more than 25% recently. Patrick is extremely bullish on blockchain technology and cryptocurrencies, his recent actions have fortified these statements.
Tzero and Ravencoin aren’t the only teams trying to jump on the tokenization of Securities. Securitize is already ahead of the game. Ravencoin can allow you to issue a security token on their platform, Securitize has already achieved this for many companies like SPICE. What makes Securitize so special? They only allow accredited investors into these high level tokenized securities which are unfortunate for the average Joe’s of the cryptocurrency world. Open Finance will be competing with Tzero but they are also ahead of the game. They’ve been around since 2014 and are already working with brokerage houses, custodians, and banks.
The tokenized security realm is flying under the radar. The bitcoin cash drama and the markets plunge in value and have a created a wave of FUD. Could this be an opportunity to get into a new sector that is set to take off? There have been many examples of institutional money coming into the cryptocurrency realm and the tokenized security realm could be the place it goes.
This is not financial advice.