Overstock.com (NASDAQ:OSTK) and Siebert Financial Corp. (NASDAQ:SIEB) have launched Muriel Siebert & Co. discounted online trading platform through Overstock.com’s FinanceHub as it merges e-commerce and securities transactions. Announced last December, any investor in the US, may access the Siebert portal through Overstock.com’s FinanceHub the opportunity to conduct trades of US equities at discounted prices. Overstock’s O Gold members can trade at $1.99 per transaction. If you are not a member it is just $2.99 per trade.
Overstock.com and tZERO CEO Patrick M. Byrne said Muriel Siebert was a woman that stood for integrity in capital markets and he was pleased to be associated with her firm.
“We have integrated so as to be able to bring to the public this discount trading platform, priced with an eye towards re-democratizing capital markets in the US,” said Byrne.
Gloria E. Gebbia, majority shareholder and board member of Siebert Financial, called the collaboration an excellent opportunity to engage with women investors;
“we are especially pleased to optimize the Overstock consumer experience by offering discounted trading, along with other quality retail brokerage services, designed to meet the financial and investing needs of all our clients.”
Leveraging the e-commerce Overstock platform further, the company said that Club O Gold members will also enjoy free shipping on every order and at least 5 percent rewards on every purchase. Club O Gold membership is available for $19.95 annually.
Byrne, a Crypto proponent, is working to not only transform the Overstock platform but wants to completely disrupt the financial industry with his blockchain based tZero platform which is in the midst of an initial coin offering. The ICO, live on Saftlaunch, is currently engaging accredited investors to back tZero. The ICO is expected to raise $200 million in preferred equity.
