A blockchain-based over-the-counter (OTC) equity system has been planned for a launch by a former securities industry CFO in January 2016. The former CFO, Chris Horlacher will work with a team of blockchain software developers to roll out their first product, Equibit which promises to deliver the same benefits of decentralized transaction processing first introduced by the disruptive digital currency Bitcoin.
In a recent media release, Chris, Managing Partner at the company said, “Equibit lays the foundation of a whole new securities market. It allows investors and issuers to come together and manage their relationship without the need for third parties such as transfer agents and central depositories.”
Commenting on the idea of using Bitcoin’s underlying technology for revolutionizing the OTC securities market, Mr. Horlacher adds that he had been working on the idea for quite some time now.
“When I first took notice of Bitcoin in 2010 I was quickly inspired to come up with a securities system based upon the same technology. The timing just wasn’t right back then though to be introducing something like this. Now that Bitcoin contains several billion worth of capital and investors are getting comfortable with the technology, the market is finally ready for an efficient way to invest with and in cryptocurrency.”
An expert in Business Strategy, Transformation and Process Improvement, Chris possesses Chartered Accountant and Chartered Professional Accountant designations and is certified by the Canadian Securities Institute as a partner, director, and Chief Financial Officer.
The Equibit platform will allow issuers to easily maintain equity across a broad base of investors as well as distribute earnings via instant and automatic Bitcoin transfers. Shareholders can also be polled in an entirely transparent manner with this proposed system.
The team recently disseminated a whitepaper containing the complete details of the proposed Equibit system, which is available for feedback and review.