tZERO, a cryptocurrency subsidiary of Overstock.com Inc (NASDAQ:OSTK), began the live trading of security tokens. The investors need to open an account at Dinosaur Financial Group to trade the tZero tokens in real time. Dinosaur is a partner of PRO securities, a subsidiary of tZero.
PRO Securities offer the alternative trading platform to facilitate the live trading of tZero security tokens. Saum Noursalehi, Chief Executive Officer of tZero, said no regulations exist for monitoring of security tokens trading in the secondary market. tZero has created a platform to trade security tokens that democratizes access, offer more liquidity, efficiency, and transparency to the overseas markets. Therefore, the new securities trading platform allows quick adoption of security tokens. The company began prototype trading of the tokens in April 2018. Patrick Byrne, Chief Executive Officer of Overstock, said the prototype trading is to get an idea of the securities breadth offered by tZero.
tZero raises $134 million
tZero mobilized funds of $134 million in August 2018 by issuing security tokens to 1,000 investors worldwide. This is on the backdrop of strong interest received from institutional investors for the issue of ICO in December 2017.
Shares of Overstock raises 7% on crypto initiative
The shares of Overstock surged by 7% on news of its tZero platform will go live to facilitate security tokens trading at the end of January 2019. It is waiting for the sign up of a few users before clicking on the Go Live button. The security tokens trading is a milestone for Overstock to move into the blockchain technology from e-commerce. Overstock was an early entrant to venture into the bitcoins (BTC) in 2014. The company’s shares surged by 400% in May 2017 during the boom period of cryptocurrency.
Medici Ventures portfolio of Overstock comprises a minimum of ten blockchain technology investments that include an investment bank powered by the blockchain of tZero. According to the views of prominent analysts on the Wall-street, blockchain portfolio accounts for a significant chunk of the market value of Overstock.
The CEO of Overstock earlier said the company is confident of moving to the blockchain platform with the launch of tZero tokens in February 2019 and divest the e-commerce business.
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