Overstock, an online retail company on January 24 launched its digital trading platform, tZERO. Prior to the launch, Patrick Byrne, the company’s CEO on January 18 hinted that the platform will go live late this week. The CEO also said 60 virtual currencies from different companies will be tradeable on the security exchange.
tZERO Exchange Launched and Native Token Tradeable
Overstock on Thursday launched tZERO cryptocurrency exchange and based on reports, only the company’s native token is currently tradeable. As such, verified users can trade the tZERO token with other members of the virtual exchange. However, to be an accredited user requires that one registers a digital securities brokerage account with the Dinosaur Financial Group, LLC.
On the other hand, a media outlet’s report reveals that $130 million was raised during the Initial Coin Offering (ICO) of tZERO and it ended in August 2018. Also, about 1,000 people invested in this digital asset whose locking period was 3 months. Thereafter, investors were able to transfer their tokens to private wallets.
Efficient and Transparent Path for the Formation of Capital
Patrick M. Byrne, Overstock’s CEO made comments regarding the launch of the trading platform. The CEO stated that an efficient and transparent path for the formation of capital through the use of Blockchain is now a reality. He added that the recent announcement is one more step towards that path.
The CEO also said:
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.
Like Bryne, Saum Noursalehi, tZERO’s CEO is of the opinion that the new security exchange can bring about efficiency and transparency. He is also of the notion that it will help to create liquidity and also accelerate the adoption of security tokens.
Dinosaur Financial Group is Proud of tZero’s Achievement
Elliot Grossman, Senior Vice President at Dinosaur Financial Group stated that his company is proud of tZERO’s achievement. According to him, the platform will provide transparency to investors during transactions as well as a more efficient and secure way of trading virtual assets in comparison with over-the-counter trading.
Overstock, the company behind tZERO also made headlines when they decided to start paying part of their taxes with Bitcoin. BTCNN on January 14 reported that the company has made plans that from February, its commercial activities tax will be paid on the Ohiocrypto platform. Patrick Bryne also revealed that they are the first company in the area to redeem their taxes in Bitcoin.