Overstock.com’s long-awaited security token trading platform tZERO will be released to the public by the end of this week, said Overstock CEO Patrick Byrne.
“It’s a big moment for us — four years in the making.”
Overstock has already informed investors from tZERO’s token sale last August that the three-month lockup period for them had ended. Investors could now create a brokerage account with Dinosaur Financial Group, a broker-dealer and tZERO partner, or decide to deposit their tokens in a personal wallet.
Byrne told Coindesk that tZERO will allow its own native token to be traded at launch. It is also in discussion with around 60 different firms, with light three-wheeled car-maker Elio Motors likely to be the next token to trade on the platform.
Coindesk noted that tZERO is seen as a key asset in Medici Ventures’ portfolio, as well as an ambitious effort “to disrupt established security trading practices on Wall Street that Byrne has been famously challenging for more than a decade”.
Though yet to go ‘live’ in a few days still, Coindesk also noted that tZero has been busy in other ways behind the scenes. Last month, Hong Kong-based GSR Capital hired tZERO to create a token for trading cobalt. Around the same time, tZERO acquired crypto wallet startup Bitsy, another company in the Medici portfolio.
Earlier this month, tZero also successfully filed a patent to integrate legacy trading systems with crypto exchanges, reported TheCryptoSight.