Overstock.com Will Launch tZERO Next Week
Patrick Byrne, CEO of Overstock.com announced that the company would soon launch tZERO security token trading platform next.
Byrne disclosed to the media the organization is prepared even live today, however, the company is holding up a couple of more days to process users signup system. He further said that before the end of the following week the company would turn the trading framework live.
It is has been a crucial point in the company’s journey. The company has been working on it for four years. The announcement itself meant that tZERO will meet the timetable. But, it did not happen due to some technological and operational issues.
The organization has informed investors in tZERO’s token sale that they can access their tokens. As per a letter to share with the investors, the lock-up period of three months for making live the trading tokens platform has ended, and the investors could either create a brokerage account or put the tokens in their crypto wallet.
Steven Hopkins would head tZERO. He was so far working as the COF and general counsel at Medici. Hopkins will join as tZERO’s head, and the startup is currently hoping to fill two other official positions: head of the issuance and somebody heading an in-house broker-dealer which can serve the company’s retail customers.
The platform will permit exchanging of its local tZERO token at the launch along with 60 unique organizations.
Though the company will not make tZERO live till the next week, the organization is already busy making preparation for the new security token market. The company is making serious efforts to make this platform work. And considering the competition, the company is not going to take a risk.
tZERO was enlisted by GSR Capital to make a token for trading cobalt. However, the partnership was postponed when GSR requested extra time till they involve the third partner. The arrangement presently does not seem to be completed, Byrne said Friday.
Also in December, tZERO gained another organization in Medici’s portfolio, crypto wallet startup Bitsy. Byrne first revealed the company’s plans for launching a security token trading framework in 2014; however, technological factors took time.
