Overstock’s Cryptocurrency Subsidiary Platform, tZERO Begins Live Trading
tZero, the cryptocurrency subsidiary by the E-commerce giant Overstock.com announced that secondary trading of tZERO tokens is now live. Accredited investors can deal in tZERO security tokens through a digital securities brokerage account at Dinosaur Financial Group, LLC.
Dinosaur has partnered with PRO Securities, LLC, which offers an alternative trading system to provide market access for secondary trading of the tZERO security tokens, during market hours initially. The CEO of tZERO Saum Noursalehi said in a press release published Jan. 24:
“The world of security tokens has lacked a regulated venue for secondary trading. The trading of our own security tokens is the crossing of the Rubicon for the new world of digital assets. This will create liquidity, democratize access, bring transparency and efficiency to global markets and accelerate the adoption of security tokens.”
A prototype of tZERO’s securities trading platform was introduced in April 2018. Patrick Byrne, the CEO of Overstock added at the time that the prototype intended to “get an idea of the breadth” of what tZERO planned to offer.
The first security token offering (STO) was completed in August 2018, with over 1,000 global investors it raised $134 million. The STO was initially introduced as an initial coin offering (ICO) in December 2017, which attracted strong crypto and traditional institutional interest.
However, the United States Securities and Exchange Commission’s scrutiny over the tZERO’s ICO in March, caused Overstock’s share price to drop. The issue was raised as the ICO was previously filed by Overstock to be classified under Regulations D and S instead of as a traditional securities filing.
Earlier this month, tZERO filed a patent for a “crypto integration platform” for trading digital assets. The filing describes a system prototype that will receive orders to trade “digital transactional items” from broker-dealers and then translate the orders into crypto orders on a digital exchange. The ‘items’ include securities, tokens, digital shares, cash equivalents, and digital assets.
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