tZERO Unveils Security Token Trading Software
09 April 2018 - 10:00PM
Business Wire
tZERO, the blockchain-meets-Wall-Street subsidiary of
Overstock.com, Inc. (NASDAQ:OSTK), announces the highly-anticipated
prototype of its planned security token trading software. The demo
link displays a video demonstrating how security tokens may be
traded on this platform.
Overstock.com and tZERO CEO Patrick Byrne said, “In August 2015,
Overstock used tZERO’s blockchain technology to issue what we
believe was the world’s first private blockchain security, a $5
million bond to First New York Securities. 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.”
“Technologically speaking, we anticipate the security token
trading software will be ready to trade security tokens in May,
subject to developing further regulatory clarity,” said tZERO
president Joe Cammarata. “We have been working hard on getting this
prototype right and look forward to user feedback.”
Cammarata continued, “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.”
The demo video released today for tZERO’s new platform reaches a
much-anticipated milestone. tZERO is requesting that potential
users review the video and provide feedback to info@tzero.com.
tZERO’s private offering for the tZERO security token commenced
December 2017. On March 1, 2018, tZERO announced that it had
extended the security offering until May 14, 2018. tZERO will enter
into Simple Agreements for Equity (SAFEs) only with accredited
investors pursuant to the terms and conditions set forth in the
Offering Memorandum, dated March 1, 2018, for the token sale.
About tZERO
t0.com, Inc. (“tZERO“) is a majority owned subsidiary of
Overstock.com, focusing on the development and commercialization of
financial technology (FinTech) based on cryptographically-secured,
decentralized ledgers – more commonly known as blockchain
technologies. Since its inception, tZERO has pioneered the effort
to bring greater efficiency and transparency to capital markets
through the integration of blockchain technology. On December 18,
2017, tZERO opened its global $250 million USD Initial Coin
Offering (ICO) to accredited investors. More information is
available at tZERO.com.
About Overstock.com
Overstock.com Common Shares (NASDAQ:OSTK) / Series A Preferred
(Medici Ventures’ tZERO platform: OSTKP) / Series B Preferred
(OTCQX:OSTBP) is an online retailer based in Salt Lake City, Utah
that sells a broad range of products at low prices, including
furniture, décor, rugs, bedding, and home improvement. In addition
to home goods, Overstock.com offers a variety of products including
jewelry, electronics, apparel, and more, as well as a marketplace
providing customers access to hundreds of thousands of products
from third-party sellers. Additional stores include Pet Adoptions
and Worldstock.com dedicated to selling artisan-crafted products
from around the world. Forbes ranked Overstock in its list of the
Top 100 Most Trustworthy Companies in 2014. Overstock regularly
posts information about the company and other related matters under
Investor Relations on its website, http://www.overstock.com.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered trademarks of
Overstock.com, Inc. O.biz and Space Shift are also
trademarks of Overstock.com, Inc. Other service marks, trademarks
and trade names which may be referred to herein are the
property of their respective owners.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements include all statements other than
statements of historical fact. Additional information regarding
factors that could materially affect results and the accuracy of
the forward-looking statements contained herein may be found in the
Company's Form 10-Q for the quarter ended December 31, 2017, which
was filed with the SEC on March 15, 2018, and any subsequent
filings with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20180409005381/en/
tZEROAlex Sotiropoulos,
212-754-5615asotiropoulos@intermarket.com
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