Industrial and Commercial Bank of China (ICBC) has become the first major bank to opt to utilise Overstock.com's new technology, t&oslash; (T-zero) tokens, which aims to remove the middle-men in securities transactions. ICBC holds $250bn in US equities, and, says Mr Byrne, "five major foreign banks are lined up behind". Overstock.com say they will use their tokens for a range of financial services, including asset management, investment banking, wealth management and insurance.
Industrial and Commercial Bank of China (ICBC) has become the first major bank to opt to utilise Overstock.com's new technology, t&oslash; (T-zero) tokens, which aims to remove the middle-men in securities transactions. ICBC holds $250bn in US equities, and, says Mr Byrne, "five major foreign banks are lined up behind". Overstock.com say they their goal is to make securities transactions slicker and more cost-effective by removing the middlemen.