Building up connections is an integral part of what makes a company successful. It’s even more important when businesses are dipping their feet into a somewhat new sector. Today, we are noticing more and more companies doing this when making a move into the blockchain industry. There have been a number of businesses that have entered into partnerships with firms or companies that have experience working with the technology behind Bitcoin, and the latest to join this trend is Overstock.com (NASDAQ:OSTK) blockchain subsidiary, tZERO.
What Happened Friday?
Today, tZERO informed the public of the terms it has to meet in order to acquire a 24% ownership stake in StockCross Financial Services, Inc. For those who don’t know, tZERO primarily focuses on shrinking settlement costs and times on its platform, as well as increasing efficiency. The Overstock.com blockchain subsidiary does this by combining cryptographically secure distributed ledgers with market processes that already exist.
As for Overstock.com itself, this is a Utah-based internet retailer that was founded in 1997. Despite the announcement, Overstock.com is trading at $58.85, which puts the stock down $7.80, or 11.70%.
By now, most people know that tZERO is a blockchain subsidiary with a plan. tZERO is constantly working on purchasing, creating and/or partnering with other companies in order to collect everything needed to have end-to-end ownership of its platform. Important to note that tZERO’s platform is strictly a trading, clearing, and settlement platform.
This isn’t the first time tZERO has been in the news this month. Nearly three weeks ago, the blockchain subsidiary announced that it will be providing advisory services linked to the KodakOne Coin Security Token Offering. As significant as that announcement was, Friday’s news might top it considering an ownership stake in StockCross will significantly advance tZERO’s trading ecosystem.
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