The leading E-commerce giant Overstock.com’s security token trading platform tZERO has won a patent to integrate a crypto legacy platform for trading crypto assets. The information of patent releasing was published recently by the United States Patent and Trademark Office.
The patent listing depicts a system that would have the capability to get orders to exchange digital transferable things. Before leading a specific transaction, the platform would have the ability to secure the transactional items. Some of these transactional items will include digital shares, securities, tokens, digital resources and cash equivalents from merchants, dealers and then interpret the crypto orders on a digital trade. The system allegedly sums up different market information from cryptocurrencies trades and establishes the best cost in the crypto market for the digital resource or liability involved with the exchange. Later the platform confirms the accessibility of the assets and digital resources and clears the transaction.
The system apparently works as a link between traditional trading platforms and crypto trades, the patent filing document explains:
“The Crypto Integration Platform provides, among other things, an interface between legacy trading systems and crypto exchanges that trade digital transactional items.”
The document further notes that the Crypto Integration Platform takes a custom record for trading and correspondence between dealers-merchants, Alternative Trading Systems, trades and more. It changes the message with the aim that the trade can be culminated utilizing cryptographic procedures.
The patent document also notes that the system allegedly utilizes blockchain technology to confirm the proprietorship and accessibility of all the digital items that are being exchanged and transferred. The filing document further defines that the system can be utilized to launch initial public offerings and different securities offerings that are enlisted United States Securities and Exchange Commission (SEC) and by the overall population to exchange those securities offerings in secondary market transactions.
Overstock recently declared that it would pay some part of its business shares in the Ohio region by utilizing Bitcoin (BTC) with the digital currency citizen system-ohiocrypto.com. The CEO and founder of the organization Patrick Byrne said that this change is the ideal approach to assure that the U.S. will not lose its leading place at the center of the ever-evolving worldwide economy.