Overstock is ready to launch its security token platform, tZERO
Patrick Byrne, CEO of online retailer Overstock, told CoinDesk on Friday that his company plans on launching its security token trading platform, tZERO, by the end of next week. "It’s a big moment for us — four years in the making,” Bryne tells, adding that the company is “ready to hit the button and go live today" but wants to wait for more user signups. The announcement means tZERO will meet the timetable given last month.
The company has already notified investors in tZERO’s token sale – which concluded last August – that they can gain access to their tokens. According to a letter to investors, the three-month lockup period for the tokens had ended, and investors could either create a brokerage account with broker-dealer and tZERO partner Dinosaur Financial Group or put the tokens in a personal wallet.
The platform will allow trading of its native tZERO token at launch, but is also talking to about 60 different companies. Elio Motors, a company producing light three-wheeled cars, will probably issue the next token traded on the platform, Byrne told CoinDesk.
Though tZERO will not go live for a few more days, the company has already been busy laying other groundwork for the nascent security token market.