Overstock Subsidiary tZero Begins Live Trading Of Its Security Tokens
Overstock’s security token trading platform subsidiary tZERO has announced that the secondary trading of its security tokens is now live.
tZERO, which raised $134 million from over 1,000 global investors during its highly publicized security token offering (STO) last year, said that accredited investors will now be able to trade tZERO security tokens with other accredited investors through a digital securities brokerage account.
“A new efficient and transparent path for capital formation via blockchain is now a reality, but those who have followed our journey know that today’s announcement is just one more step down a path,” said Patrick M. Byrne, tZERO executive chairman and the CEO and founder of parent company Overstock.com. “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.”
To provide market access for secondary trading of the security tokens, tZERO subsidiary PRO Securities, a SEC-registered broker-dealer and FINRA member that offers an alternative trading system, reportedly partnered with Dinosaur Financial Group. Initially, trading of the tZERO security tokens will only be availble during market hours, with Dinosaur acting as the “introducing broker-dealer.”
Saum Noursalehi, CEO of tZERO, claims that the trading of their own security tokens is the crossing of the Rubicon for the new world of digital assets.
“This will create liquidity, democratize access, bring transparency and efficiency to global markets and accelerate the adoption of security tokens,” Noursalehi said.
Elliot Grossman, Senior Vice President at Dinosaur Financial Group said, that they partnered with tZERO because they want to be a part of the blockchain revolution.
“We see this as a truly evolutionary step toward improving transactional transparency for investors, while providing an efficient and secure alternative to over-the-counter trading or a listing on one of the legacy stock exchanges for companies seeking to raise capital,” Grossman said.
