Overstock on a Roll with Subsidiary and Platform getting busy
Retail giant Overstock.com has been busy these past few days. Coin Telegraph reported that its blockchain-backed registry, Medici Land Governance has entered a Memorandum of Understanding (MOU) with a Mexican municipality. On the other hand, Coin Desk pointed out that its other platform tZERO has launched only recently, with security tokens going live.
The news of the Mexican agreement broke through as the municipality of Tulum, in Quintana Roo, agreed to a joint development for a digital platform which will be creating data for real property ownership, certificates of title to lands, and other procedures as well. Both parties will also create processes on the automatic procurement and storage of land administration documents.
The Tulum municipality mayor, Victor Mas Tah, said that this MOU was a step into a new 'territorial ordering stage,' one that was backed by the digitization of documents. This includes land ownership proof as well as other processes related to it.
It wasn't the first transaction for the blockchain-based land registry. MLG had signed a similar document that permitted them to assist the Zambian government in creating a faster means of processing land ownership. This would allow a faster way of legitimization for land owners, who are struggling to receive financial aid from services granted from their estates.
Meanwhile, tZERO is creating trade tokens, similar to how other blockchain-based platforms have been doing business. One of the trades that went through gave away 10 tokens at $8 apiece, which were followed by tZERO insiders chatting on a Telegram group. The introductory price was $8 but prices have gone higher to $10. The standard remained in between $5 and $8.
CEO Saum Norsalehi was asked about the experience. He said that during the first hours of the blockchain platform's operation, there were some issues they faced. He pointed out some problems the exchange operator had trouble with, as well as what the tokenization of securities and properties meant for the future of real estate and trading.
tZERO had been conceptualized as a trading system where less regulation in exchanges prevailed. Customers can trade and transact with each other with less policing involved. That being said, Overstock chairman Patrick Byrne had a vision for his company. He said the goal was to provide a whole new process of doing things, one that would disrupt the industry, and how things happened, as well.