TL;DR
tZero, a blockchain subsidiary of a successful US online retailer, Overstock, has recently announced the launch of its new security token platform. According to reports, the company plans for the platform to go live next week.
After a failed ICO trend which went extinct in 2018, security tokens and STOs started gaining attention as ICOs’ spiritual successor. The platform comes at the time when the new trend is becoming increasingly popular, and it might indicates that the crypto space is ready for the next step in its development.
This article was first published on: Jan 21, 2019
tZero offers a settlement platform created on the blockchain technology. The new platform is expected to provide any interested company with the ability to raise funds by launching their own security tokens. Additionally, the platform, as well as all of its future solutions and products, are fully compliant with US regulations.
The platform has already attracted the attention of multiple companies interested in acquiring its services, with Elio Motors being one of them. Elio Motors, which produces three-wheeled cars with a goal of revolutionizing the automobile industry, might even be among the first companies to see its security token on the platform.
So far, tZero has announced that it will create openings for up to 60 clients. Also, the company will launch its own STO, as soon as it gains the necessary license to do so. Meanwhile, only a week ago, tZero also announced that the distribution of its utility token, tZERO, had been completed. Everyone who took part in the company’s ICO, held from December 2017 to August 2018, has received their coins.
The coins were originally issued to a custodial wallet in October 2018, where they were locked up for 90 days. This period, originally announced in coin offering’s terms and conditions, was used to confirm that tokens are in compliance with all federal securities laws and regulations, After the confirmation, the 90-day waiting period ended on January 10th, and token owners finally received their coins.
Patrick Byrne, the founder and CEO of tZero’s parent company, Overstock, stated that the platform is ready to go live right away. However, the company decided to wait until user signups were properly processed first. Several months ago, Byrne also announced that Overstock would retire from the retail business in following months, due to its new interest in blockchain technology.
Apart from tZero, the company also has another subsidiary called Medici Ventures. Both Medici Ventures and tZero were created with the goal of revolutionizing Wall Street operations by utilizing the blockchain.