Patrick Byrne, CEO of online retailer Overstock, recently informed CoinDesk on that his corporation is planning to start its very own security token trading platform called as tZERO, by the end of next week. He stated that “It’s a big moment for us — four years in the making,” Bryne tells CoinDesk, adding that the company is “ready to hit the button and go live today” but wants to wait for more user signups.
Bryne’s statement comes after a $270M speculation in tZERO in August 2018 by Hong Kong-based private equity firm, GSR Capital. tZERO will be led by Steven Hopkins, the former COO and General Counsel of Medici Ventures, Overstock’s asset arm. At the introduction traders on tZERO will be competent to trade its instinctive tZERO token. tZERO is also talking to 60 corporations for potential security token listings.
As per the news published in CoinGeek at the time of the deal were not exposed, it was stated that there would be no influence to Coins.ph clients and that its team will endure in their current responsibilities. Said Go-Jek founder and CEO Nadiem Makarim, stated that supporting the success of a local FinTech entrepreneurial champion like Coins.ph, with a similar ambition to empower society through innovation and technology, has always been part of our passion for growth, he even stated that the announcement marks the start of our long-term commitment to the Philippines and a continuation of our mission to use technology to improve everyday lives and create a positive social impact.
Overstock’s CEO Patrick Byrne informed CoinDesk that the secure tZERO security token trading platform would eventually be active by the end of January 2019. Investors in tZERO’s token sale have by now been informed that they can have access to their tokens.
What isn’t clear at this time is precisely when tZERO is anticipated to start actual trading of the security token on its platform. In the letter, tZERO told investors to “look out for another tZERO update regarding the commencement of security token trading.”
Overstock’s Other Blockchain Efforts:
As per Blockonomi report last year, Medici Ventures had made a 30 percent speculation in VinX, a blockchain-based firm that trades futures on its blockchain. VinX wishes to get an end to wine counterfeiting, in addition to futures trading. The startup wishes to make a wine futures system that guarantees purchasers to buy authentic wine and help producers gain working capital before the wine is bottled. Overstock also announced back in 2018 that it was preparing on presenting Bitcoin trading on its website through Bitsy, a wallet developed by Medici.
tZERO is a security token trading platform, that was established in the summer of 2018 by Overstock. The exchange declared in October 2018 that it will shut down its security token operations, after it had outstretched $134 million, from over 1000 investors all over the world, out of the earlier stated $250 million.