Overstock’s tZERO security trading platform, which was announced back in 2014, has officially begun trading this week, effectively allowing accredited investors to trade tZERO tokens through Dinosaur Financial Group, which is acting as a customer-facing broker-dealer.
According to CoinDesk a tZERO subsidiary, Pro Securities LLC, is facilitating the trade through the alternative trading system (ATS). The system reportedly offers users a securities clearing and settlement platform based on blockchain technology. TZERO is reportedly set to help companies raise capital through security tokens, while “enabling secondary liquidity for traditionally illiquid investments.”
“tZERO is working toward a world where security tokens revolutionize traditional capital markets, and companies achieve trust through cryptographically-protected algorithms rather than through rent-seeking middlemen.” https://t.co/Xh0MuT6XOJ pic.twitter.com/NA83wSa8RK— tZERO (@tzeroblockchain) January 25, 2019
As CryptoGlobe covered, the trading platform was reportedly ready to go live last week, but waited for user signups to be processed. Per CoinDesk days before the launch the company’s Telegram had users claiming the registration process was taking “several days to complete.”
TZERO’s users reportedly added that communications with Dinosaur were prolonged, with wire transfer confirmations “taking days to arrive.” Mark Nelson, an investor who spoke to the publication, was quoted as saying:
I signed up last week, and tokens listed as pending transfer today. I expect them to be tradable tomorrow. The account is open so it is approved, just waiting on the completion of the token transfer.”
Notably Overstock has been looking to launch tZERO for years. In August of last year, it concluded a months-long token sale that saw it raise $134 million. The sold tokens were kept on a custodial wallet until January 10.
While initially the platform only lets users trade its native tZERO tokens, in the future it’s looking to add 60 different companies. Elio Motors, a company producing three-wheeled cars, is said to be one of them.
Back in September, Overstock revealed it was set to start selling bitcoin on its website through a biometric cryptocurrency wallet called Bitsy. In November, Byrne noted he’s planning to sell Overstock’s decades-old retail business, to go “all-in” on crypto through Medici Ventures, its blockchain fund.
As covered Overstock made headlines earlier this year after becoming the first company to pay a ‘portion’ of its taxes in Ohio using bitcoin. This, taking advantage of a move the state made back in November.