Overstock.com CEO Patrick Byrne is banking on the emerging trend of blockchain technology to be a game changer.
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“That technology is more important than the internet,” he told FOX Business’ Stuart Varney on Tuesday. “That’s going to change Wall Street. That’s going to change the way money and banking work. The way land titling works, health records work—that underlying technology is going to change things more than the internet did.”
Byrne said Overstock created a platform and cryptocurrency, tZERO, “to create a version of Wall Street that can’t be cheated.”
Byrne also said tZERO entered a joint venture with BOX Digital Markets, to develop a regulated exchange for security tokens.
“We have made a formal joint venture announcement with a Boston Options Exchange – BOX – to make the world’s, well the first national exchange,” he added. “I’ve been all over the world in the last quarter – it’s 20 countries who want what it is that we have developed. They are saying get it live in America and if the SEC approved it – the SEC’s letting you do it – we want it. The whole world is beating a path to our door with it,” he explained.