Overstock CEO Patrick Byrne Reveals tZERO Will Go Live Next Week
Security token platform tZERO is set to go live, with Overstock.com’s CEO Patrick Byrne giving it a timeline of one week.
According to Byrne, the trading platform’s preparations are done and dusted and they could even afford to “hit the button and go live today,” he told Coindesk.
The only hold up is for them to complete the processing of user signups, which needs the next few days to conclude.
The platform has been in development for four years, with the crypto community pointedly anxious to see it turn live.
Byrne’s first move to have a security token trading platform was in 2014. Technological and compliance issues, however, meant that it’s only in 2018 that the system has been declared ready.
Commenting on their readiness and the time it has taken, Byrne said:
“It’s a big moment for us — four years in the making.”
Going live next week means that the tZERO team will have met a timeline for the launch as highlighted last month.
At the time, the president of Medici Ventures Jonathan Johnson announced that he expected the trading platform to launch this January.
Medici Ventures is the venture arm of Overstock.com, under which the tZERO project has been developed.
Investors who participated in tZERO’s $134-million token sale received notice that they could now access the tokens on January 10.
The security tokens had been locked up for 90 days following the conclusion of the sale and a subsequent issuance process that ended on October 12, 2018.
With the expiry of the lock-up period, investors are free to choose where to hold their tokens.
As per a letter advising on the same, holders have the option of opening a brokerage account at Dinosaur Financial Group- a broker-dealer that has partnered tZERO- or they can choose to store the tokens in personal wallets.
According to Byrne, the move to let token holders open wallets was them saying “[we are] sure that the technology was ready to go live.”
Taking security token trading to the next level
Steven Hopkins, who has been serving as Medici Ventures’ chief operating officer will now lead the tZERO project as its president. It is expected he will steer tZERO to the next level in the nascent security token trading industry.
When it launches at the end of next week, users will access the security token platform for the trading of tZERO’s native token. However, Byrne has revealed that the firm is in talks with about 60 different companies that could launch tokens on the platform.
At the moment, the most likely company to issue the next token on tZERO will be Elio Motors. The U.S.-based firm launched its operations in 2009 and specializes in three-wheeled cars.
In December, Hong Kong’s GSR Capital hired tZERO, mandating it to create a token that would be used in trading cobalt.
The firm also bought $30 million worth of tZERO’s security tokens. Though the partnership is yet to be formally concluded, it illustrated that there is demand for the platform’s services.
In the same month that the GSR deal was struck, tZERO acquired Bitsy, a crypto wallet startup that was part of Medici’s portfolio.
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