tZERO, a majority-owned cryptocurrency subsidiary of Overstock.com, an e-commerce giant, recently on Tuesday, Jan. 1st 2019, filed for a patent. The patent, “crypto integration platform” published by the United States Patent and Trademark Office (USPTO), refers to a trading system, that deals with digital transactional items, which includes digital assets, securities, tokens, digital shares, liabilities, commodities, and cash equivalents.
The crypto platform as per reports accumulates market data from various sources such as cryptocurrency exchanges, analyzes it, and determines the best price available for the digital transactional item in the crypto market space, providing the best market buffer rate for brokers or dealers to trade. The platform prior to verification of orders, secures both the funds for placing the purchase order and digital transactional items to be traded, after verification, it clears and settles the transaction.
The filed patent reportedly describes the platform as a bridge that brings together the legacy trading systems and crypto exchanges. The platform provides an interface between legacy trading systems and crypto exchanges that trade digital transactional items. While it does that, the Crypto Integration Platform uses a trading and communication protocol that cryptographically transforms all messages between broker-dealers, Alternative Trading Systems (ATS), and exchanges.
The Crypto Integration Platform leverages the blockchain tech to verify ownership and availability of the digital transactional items and can be used to conduct initial public offerings (IPOs) and other securities offerings that are registered with the U.S. Securities and Exchange Commission (SEC).