Overstock.com

History

2015: Issue of the first in world history digital stocks

At the end of 2015 the U.S. Securities and Exchange Commission (SEC) accepted the request of Overstock online store for issue of digital stocks.

SEC for the first time permitted issue of securities using technology of a blockchain. Experts said that this solution will completely change how securities will be trading at the exchanges in the next years.

Overstock (using TШ.com subsidiary company) developed own technology for issue of securities through a blockchain. Earlier with its help the company already issued private bonds in the test mode that did not require consent from the regulator. The first crypto - the bond worth 5 million dollars was sold in July, 2015 to FNY Managed Accounts LLC, First New York branch.

The new system of the securities trading started by Overstock integrates process of trade and closing of the transaction that allows to avoid traditional process of closing of transactions at the exchanges which bear in themselves a set of risks.

The head of Overstock Patrick Bern said that the company intends to offer the created technology of others to the companies that those could release crypto - bonds after preliminary coordination with SEC.

Earlier Overstock became the first online store which began to accept widely bitcoins as payment for purchases.

2011: Rebranding

At the beginning of 2011 the company carried out rebranding and O.co began to be called.

2002: IPO

In May, 2002 Overstock.com carried out the IPO, having placed shares at the price of $31.

1999: Creation of the company

The American online retailer Overstock.com was started in May, 1999 by Patrick Bern. Originally Overstock sold excesses and goods returned on electronic marketplaces then began sale of new goods.