tZERO, the blockchain providing subsidiary of retailer Overstock.com, announced on Thursday, June 27, the launch of its new digital wallet and exchange app for cryptocurrency trading.
Investors can download the app to their mobile phones and buy, sell and store Bitcoin and Ethereum on their devices without the need for any other onboarding platform or specialized crypto-wallet equipment.
Chief executive of tZERO Saum Noursalehi said the Crypto App would eliminate some vulnerabilities concerned with holding cryptocurrencies on third-party exchanges.
He wrote on Twitter: “As you know, exchanges have gotten hacked before.”
“As you know, exchanges have gotten hacked before,” @Noursalehi said. “What’s different in our case is that the tokens will be stored on your phones with your private keys, which we think is more secure.” https://t.co/Ou39SWkj2T— tZERO (@tzeroblockchain) June 27, 2019
He added: "This will serve as the foundation for a broader digital asset trading solution."
Patrick Byrne, chief executive of Overstock.com, was also keen to stress the wallet app's distinct advantages. One of which, he said, was:
With tZERO’s Private Key Recovery System, your digital coins are truly held by you, in your wallet, rather than on an exchange in a pot with other fungible tokens. Not only is this more secure, but in addition, it is more true to the cypherpunk ethos of decentralization through cryptography.
tZERO's trading platform officially opened in late January, having funded the project with a month-long token sale that raised $134 million in August 2018. The new wallet app was being launched jointly by Overstock.com in partnership with Medici Ventures, the tech-focused venture capital group.
Shares in Overstock.com, traded on the Nasdaq exchange, have rallied during the recent cryptocurrency upturn and were trading 3% higher at $13.93 on Thursday.