Based on reports circulating in local Chinese media platforms. outlet BlockTempo tZERO, affiliated with Overstock, has begun the process of distributing its security tokens, originally purchased during a token sale last August.
Tokens Issuance
tZERO, serving as a marketplace for security tokens, was birthed by Overstock back in the summer of 2018. By October of the same year, tZERO announced it would wrap up its security token offering after accumulating $134 million from over a thousand global investors, despite an initial target of $250 million. press release Tokens were initially planned to remain in a custodial wallet until January 10, 2019, as part of the company's arrangements. signed an agreement There was a collaboration with Hong Kong venture capitalist firm GSR Capital regarding the acquisition of $30 million's worth of tZERO tokens and a $270 million investment in June 2018.
Saum Noursalehi, CEO of tZERO, elaborated on the token issuance and release scheduled after a 90-day lock-up period.
Noursalehi stated that following the token issuance on October 12, 2018, the tokens were held in tZERO-managed wallets for 90 days post-issuance. Now, with the lock-up period concluded, investors are to decide on holding arrangements for their tokens.
$100 million Raised
tZERO ventured into Initial Coin Offering in December, securing $100 million on the introductory day. Overstock's CEO, Patrick Byrne, also serving as tZERO's Executive Chairman, mentioned that the funds would catalyze the launch of tokenized security exchanges globally.
Byrne emphasized the interoperable nature of these tokens, which can be made available across exchanges worldwide, aligning with a globalized vision.
Token Redeeming Methods
tZERO provided a bit of guidance on how investors can collect their tokens.
Investors first need to create an account with Dinosaur Financial Group, tZERO's exchange partner and broker-dealer. Alternatively, those who invested back in August 2018 can hold the tokens in a personal wallet equipped with two-factor authentication.
Trading the Tokens
At the moment, tZERO hasn't clarified the trading plans or timeline for these security tokens, advising investors to stay tuned for further announcements.
Overstock Overstock is among the pioneers in accepting cryptocurrency for payments and, to deepen its blockchain involvement, launched Medici Ventures, a subsidiary investing in blockchain-driven enterprises like tZERO.
Jonathan Johnson of Medici Ventures informed CoinDesk the previous year that trading on tZERO would commence in January 2019.
Overstock's Additional Initiatives in Blockchain Technology.
According to a source from Blockonomi last year, Medici Ventures 20% investment in VinX VinX, a blockchain-based firm engaged in futures trading, aims to tackle wine counterfeiting by establishing a system ensuring genuine wine purchases and providing producers with upfront earnings before bottling.
