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tZERO Files for Patent for “Crypto Integration Platform”

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The cryptocurrency subsidiary of Overstock.com – tZERO – has filed a patent for a “crypto integration platform” for exchanging digital assets.

The patent was made available to the public by the United States Patent and Trademark Office at the start of the new year.

The patent filing defines a system that would be able to receive orders to trade “digital transactional items” — such as securities, tokens, digital shares, cash equivalents and digital assets — from broker-dealers and then convert the orders into crypto orders on a digital exchange.

The platform is said to collect market data from cryptocurrency exchanges and “locate[s] the best price in the crypto market for the digital asset or liability involved in the transaction.”

Prior to matching orders, the system safeguards the digital transaction items to be traded and cryptographically marks the transactions. The system then confirms the availability of the funds and digital assets, and verifies and completes the transaction.

The platform would serve as a link between legacy trading systems and crypto exchanges. The filing states:

“The Crypto Integration Platform provides, among other things, an interface between legacy trading systems and crypto exchanges that trade digital transactional items. In doing so, the Crypto Integration Platform takes a protocol for trading and communication between broker-dealers, Alternative Trading Systems (“ATS”), and exchanges, and transforms the message so that the trade can be consummated using cryptographic techniques.”

According to the patent filing, the platform makes use of blockchain technology to authenticate ownership and accessibility of the digital transactional items. The filing goes on to explain that the platform can be utilized to conduct initial public offerings and other offerings of securities that are sanctioned by the United States Securities and Exchange Commission (SEC), “and by the general public to trade those securities in secondary market transactions.”

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