A big glitch in cryptocurrency is impacting some shoppers online. Last week, a bank security firm uncovered Overstock.com unknowingly accepted Bitcoin Cash instead of Bitcoin as payment for a product. The glitch has since been fixed. Overstock.com CEO Patrick Byne responds to this mix-up.
Byne explained that there was no glitch with Overstock but rather a glitch at Coin Base. He estimated that the impact was less than $100 and did not severely impact any of their consumers. Byne was overall surprised by the amount of attention the story had received compared to the minimal impact it had.
Byne explains that Overstock is not expecting to create their own cryptocurrency. For the time being, they are happy to accept US dollars and Bitcoin.
Overstock.com is excited to be utilizing revolutionary crypto and developing their own blockchain technology for their platform. At this point, Overstock.com has made it a priority to use blockchain tech and develop it in the new year. Byne's goal is to build the most value per share of stock, and that's what he tells shareholders as CEO.
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Cheddar catches up with Lior Keet, EY Emerging Technology Managing Director, at South by Southwest to discuss what's on the minds of today's tech leaders, and how IT can play a role in an organization's ESG agenda.
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Mission-driven fintech company Propel raised $50 million in a Series B round led by Nyca Partners. Propel's mission is to help low-income Americans improve their financial health. The company's free app is called Providers, designed as a one-stop-shop for Americans to manage government benefits and other income side-by-side. Jimmy Chen, founder and CEO of Propel, joins Cheddar News' Closing Bell to discuss.
Slingshot Aerospace, a company focused on the future of space sustainability, raised $25 million in its latest Series A funding round. The company's projects will allow commercial, government, and civil satellite operators to share traffic information. Slingshot Aerospace's co-founder and CEO Melanie Stricklan joined Cheddar News' Closing Bell to talk about the up-and-coming company.
