Overstock’s tZERO security trading platform, which was announced back in 2014, is set to go live by the “end of next week,” according to the company’s chief executive Patrick Byrne, a longstanding cryptocurrency supporter.
Speaking to CoinDesk, Byrne reportedly revealed that Overstock was ready to go live now, but decided to wait more days to process user signups. He was quoted as saying:
But by the end of the next week we will be turning the trading system live(…) It’s a big moment for us — four years in the making.
tZERO, a regulated alternative trading system (ATS), is set to offer its users a securities clearing and settlement platform, based on blockchain technology. It’s set to help companies raise capital with security tokens, while “enabling secondary liquidity for traditionally illiquid investments.”
The firm, a subsidiary of Overstock’s blockchain fund Medici Ventures, has reportedly started distributing control of its security tokens, which were already bought by 1,000 investors back in August. At the time, roughly $134 million worth of tokens were sold, and kept on a custodial wallet until January 10 of this year.
Its customers can now either create a brokerage account, or put the tokens in a personal wallet. According to CoinDesk, leading tZERO will be Steven Hopkins, who was the chief operating officer and general counsel at Medici Ventures.
At launch, the platform will let users trade its native tZERO token, and will afterwards look to add 60 different companies. A company producing light three-wheeled cars, Elio Motors,is reportedly among them.
Back in September, Overstock revealed it was set to start selling bitcoin on its website after acquiring a biometric wallet called Bitsy. Later on in November, Byrne revealed he’s planning to sell the company’s decades-old retail business to focus on the blockchain side of things and Medici Ventures.
Overstock notably made headlines earlier this year by becoming the first company to pay a portion of its business taxes in Ohio using bitcoin, taking advantage of a move the state made back in November.
