Patrick Byrne, CEO of Overstock, a retail company on January 18 confirmed that its tZero cryptocurrency trading platform would go live by the end of next week. Further reports reveal that the exchange will be used to trade the company’s digital asset as well as 60 more from other companies.
Tzero’s Trading Platform is Rescheduled to Next Week
Based on a media outlet’s report, trading on tZero was first scheduled to begin on Friday before it was postponed till next week to garner more sign-ups. Byrne, the company’s CEO also revealed that even though the platform is inactive, tZero is ready to go live. However, users will still have to wait for the new scheduled date before they can trade.
What’s more, tZero the company’s native token will be exchangeable upon the launch of the platform. The same has been said about 60 tokens from other companies which are expected to be a part on tZero. Notable among them is one from Elio Motors, a company that produces light three-wheeled cars which the company says will possibly be a part.
tZero’s ICO Ended in August Last Year
More light into the said digital trading exchange reveals that its Initial Coin Offering (ICO) ended in August and $134 million was raised. The tokens were locked for three months before the company notified its customers that they can now gain access to it. Thus, a user could choose to transfer these tokens either to their wallet or a brokerage account.
Reportedly, this announcement is in line with the one that was made in December to reveal when the platform will fully be in operation. It is said that Jonathan Johnson, president of Medici Ventures had publicized the information by hinting a media outlet of the platform’s launch.
Change in Leadership Hastens tZero’s Launch
The correspondence with the fixed date has also been attributed to the change in leadership where Steven Hopkins, will now be tZERO’s president. Other positions in the company like the head of issuance and head of an in-house broker-dealer are currently vacant.
BTCNN on January 14 reported that Overstocks intends paying part of its taxes in Bitcoin using Ohiocrypto.com. The latter is the platform provided by Ohio for corporate organizations who will like to pay their tax using the digital asset. Accordingly, Overstock will start paying its commercial activities tax (CAT) in February with Bitcoin.