tZero Introduces Prototype of Its Security Token Trading Platform

Monday, 09/04/2018 | 19:04 GMT by Arnab Shome
  • tZero is currently in the middle of a token distribution process worth $250 million.
tZero Introduces Prototype of Its Security Token Trading Platform
FM

Overstock.com’s Blockchain subsidiary tZero today announced the launch of a prototype of its planned Security Token trading software.

tZero initiated the private offering of the tZERO security token in December last year. The recent announcement follows a month-old decision by the platform to extended the security offering until May 14, 2018, as it was under SEC's review process.

Reiterating timeline of the firm’s milestones, Overstock.com and tZERO CEO Patrick Byrne commented: “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,” he added.

According to its president Joe Cammarat, the firm is delaying the launch of the final version of the platform due to regulatory compliances. However, tZero’s team is very optimistic about the new platform and its prototype.

“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 Cammarata. “We have been working hard on getting this prototype right and look forward to user feedback.”

Earlier this year, tZero was chosen to provide advisory services to WENN Digital to ease the token offering of KODAKCoin. In addition, its role includes encryption of accounts, price quoting, clearing and reconciliation services, anti-money laundering services and know-your-customer verification. KODAKCoin, whose offering began in late January, was the first third-party security token on the tZERO platform.

“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,” Cammarata added.

Overstock.com’s Blockchain subsidiary tZero today announced the launch of a prototype of its planned Security Token trading software.

tZero initiated the private offering of the tZERO security token in December last year. The recent announcement follows a month-old decision by the platform to extended the security offering until May 14, 2018, as it was under SEC's review process.

Reiterating timeline of the firm’s milestones, Overstock.com and tZERO CEO Patrick Byrne commented: “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,” he added.

According to its president Joe Cammarat, the firm is delaying the launch of the final version of the platform due to regulatory compliances. However, tZero’s team is very optimistic about the new platform and its prototype.

“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 Cammarata. “We have been working hard on getting this prototype right and look forward to user feedback.”

Earlier this year, tZero was chosen to provide advisory services to WENN Digital to ease the token offering of KODAKCoin. In addition, its role includes encryption of accounts, price quoting, clearing and reconciliation services, anti-money laundering services and know-your-customer verification. KODAKCoin, whose offering began in late January, was the first third-party security token on the tZERO platform.

“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,” Cammarata added.

About the Author: Arnab Shome
Arnab Shome
  • 6418 Articles
  • 84 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6418 Articles
  • 84 Followers

More from the Author

CryptoCurrency

!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}