Home Categories Info Network

Overstock Ceo Says Coinbase, Robinhood Are In Its Crosshairs As It Builds Out Rival Crypto Trading Venue

Permalink Report to webmaster

Watch your back Coinbase and Robinhood!

Overstock CEO Jonathan “JJ” Johnson says he’s hoping that one day tZero, a much smaller trading platform that offers some services similar to Coinbase, will be one day be a legitimate rival to the crypto behemoth that just listed on the Nasdaq Inc. NDAQ, +0.66% last Wednesday with a valuation that briefly hit around $100 billion.

He envisions a time soon that tZero achieves what he describes as the “Holy Grail” for a trading platform.

What you want to have is a platform that has a “digital wallet that let’s people hold and trade crypto, NFTs (nonfungible tokens), stocks, and digitized securities,” Johnson told MarketWatch in an interview last week.

“It would be a Coinbase meets tZero, meets Robinhood,” he said referring to the Robinhood Markets trading platform that has become popular among young investors and is planning a near-term public listing.

“All three [platforms] are working toward that Holy Grail,” the Overstock CEO said. 

tZero, is a division of Overstock OSTK, -2.44% , based in Utah, that touts a trading operation that has drawn some attention in the crypto community. It operates as an alternative trading system, or ATS, which are venues that usually compete with more traditional securities exchanges for order flow.

: Coinbase CEO Brian Armstrong raised more than $290 million with share sales, and Fred Ehrsam raised nearly $112 million

Overstock’s tZero, however, uses distributed-ledger technology that supports crypto like bitcoin BTCUSD, -0.42% and Ethereum’s Ether ETHUSD, +1.32% as well as other digital securities. One of tZero’s key aims is to serve as a secondary trading platform for pre-IPO companies. However, the platform is tiny when compared against a behemoth like Coinbase.

Source: https://www.marketwatch.com/story/overstock-ceo-says-coinbase-robinhood-are-in-its-crosshairs-as-it-builds-out-rival-crypto-trading-venue-11618941930?mod=cryptocurrencies

Continue reading

Nobody has rated this post!
Vote now!
Cumulative results: 0 points • Rating: 0.000