tZERO of Overstock obtains patent for digital currency integration network

tZERO of Overstock obtains patent for digital currency integration network
Jan 8, 2019 by Rico Wise

The patent was released be the USPTO on Jan 1. It provides a description of a system that might be capable of receiving trade orders for digital transactional items, including securities, tokens, digital shares, cash equivalents, and cryptocurrencies – from broker-dealers and then transfer the orders into digital currency orders on a cryptoexchange. The network purportedly gathers different market data from cryptoexchanges and finds the best price in the digital currency marketplace for the cryptocurrency or liability included in the transaction.

Prior to matching orders, the system reportedly secures the traded items of digital transactions and signs the transactions with help of cryptography. Then the system performs the verification of the accessibility of the funds and cryptocurrencies, and performs clearing and settlement of the transaction.

It is stated that the network operates as a connection between legacy trading systems and digital currency exchanges.

The network purportedly utilizes blockchain tech for verification of ownership and accessibility of the digital transactional items. The network can also be utilized to perform IPOs and other offerings of securities that are registered with the US SEC.

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TZero is a financial technology company which owns, develops, and operates a suite of fintech solutions for capital markets
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