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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Square received conditional approval from the Federal Deposit Insurance Corporation (FDIC) late Wednesday to launch an independent bank focused on providing loans to small businesses – at a time when they’ll surely need them most.
The bank will continue to pay branch employees for their regularly scheduled hours even if they are affected by reduced hours, branch closures, or asked to stay home, the letter said. It is also giving branch employees two additional paid vacation days.
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These are the headlines you Need 2 Know for Wednesday, March 18, 2020.
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