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Overstock's tØ Acquires Broker Firm for Wall Street Disruption
Overstock's crypto subsidiary tØ has acquired Wall Street firm SpeedRoute, a move CEO Joseph Cammarata termed a "quantum leap" for securities trading.
By Grace Caffyn
Updated Sep 11, 2021, 11:50 a.m. Published Aug 27, 2015, 9:47 a.m.
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Overstock's crypto subsidiary tØ has acquired Wall Street brokerage firm SpeedRoute, a move the latter's CEO termed a "quantum leap" for securities trading.
TØ (pronounced t-zero), unveiled last month at Nasdaq's New York headquarters, is a blockchain-based equities trading platform Overstock claims could revolutionise clearing and settlement. The SpeedRoute deal, it says, marks a momentous step toward connecting the crypto and capital markets.
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SpeedRoute CEO Joseph Cammarata said in a release:
"This collaboration allows Overstock to enter this new financial technology arena with a speed and aggression that I believe will revolutionise Wall Street, while adding an already profitable and cash-flow positive business right to Overstock's bottom line. The winners are going to be investors and regulators alike."
While some details are yet to be finalised, an SEC filing, cited by New York Business Journal's Michael del Castillo, indicates SpeedRoute was bought for $30.3m: $11m in cash and $19.3m-worth of common stock in Overstock. The filing also indicates TØ owned 24.9% interest in the firm prior to the deal.
connects broker-dealers with liquidity at 11 US equity exchanges alongside 'dark pools'. The 15-year-old company is reported to handle 2.5% of order flow in the US stock market.
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