Overstock.com fintech subsidiary tZERO unveiled on Monday a video demonstration of its upcoming security token trading platform.
“In August 2015, Overstock used tZERO’s blockchain technology to issue what we believe was the world’s first private blockchain security, a USD 5 million bond to First New York Securities,” siad Overstock.com and tZERO CEO, Patrick Byrne, in a statement. “In December 2015, Overstock filed with the SEC an S-3 registration statement to register a preferred stock digital security utilizing tZERO’s blockchain technology, which was subsequently declared effective in December 2016. Overstock used that S-3 to issue what we believe was the world’s first public blockchain security, OSTKP, utilizing tZERO technology once again. Now, we are unveiling tZERO’s security token trading software: the astute viewer of our progress can look at this, and the collection of strategic assets we have assembled, and get an idea of the breadth of what we intend.”
tZERO launched its crowdsale, available only to accredited investors, on December 18, 2017, following a successful presale fundraise of over USD 100 million. The tZERO initial coin offering, capped at USD 250 million, was recently extended through to May 14, 2018. tZERO is focused on the development and commercialization of financial technology based on blockchain technology.
tZERO President Joe Cammarata said, in a statement, “Technologically speaking, we anticipate the security token trading software will be ready to trade in May, subject to developing further regulatory clarity. We have been working hard on getting this prototype right and look forward to user feedback. We’re making history and we thank everyone involved in creating this new digital ledger platform. We also want to thank our customers; we’re doing this together.”