A cryptocurrency subsidiary of Overstock.com, tZERO made the declaration that the secondary trading of tZERO tokens has begun, based on a press release published earlier.
According to the release, the security tokens can be traded by accredited investors using a digital securities brokerage account at Dinosaur Financial Group, that will serve as a broker-dealer. Dinosaur signed a deal with tZERO subsidiary PRO Securities so as to offer a different trading system for secondary trading of tZERO security tokens. Saum Noursalehi, the CEO of tZERO stated:
“The world of security tokens has lacked a regulated venue for secondary trading. The trading of our 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.”
The prototype of the securities trading platform was introduced in April 2018 by tZERO. Patrick Byrne, the Overstock’s CEO commented that the prototype planned to “get an idea of the breadth” of what tZERO intended to come up with.
In August 2018, the firm’s security token offering (STO) was completed as it secured about $134 million from more than 1,000 global investors. At first, the STO was introduced by the company in the form of an initial coin offering (ICO) in December 2017, after it caught the interest of strong crypto and traditional institutions.
In March, the share price of Overstock decreased due to the fact that tZERO’s ICO fell under scrutiny from the United States Securities and Exchange Commission. Prior to that, Overstock had applied for its ICO to be categorized under Regulations D and S rather than a traditional securities filing.
At the beginning of this month, a patent was filed by tZERO for a “crypto integration platform” for transacting digital assets. The patent application provides details about a system that can receive orders to transact “digital transactional items” from broker-dealers and then the orders could be translated into crypto orders on a digital exchange. Securities, tokens, digital shares, cash equivalents, and digital assets are among the examples of such items.
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