Overstock.com CEO, Patrick Byrne announced Friday that the company’s tZERO security token trading platform was scheduled launch by the end of next week.
Byrne noted that the company was “ready to hit the button and go live today,” but was using the extra time to process user signups.
“But by the end of the next week,” he said, “we will be turning the trading system live.”
Byrne also added, “It’s a big moment for us — four years in the making.”
Byrne revealed his plans for a security token trading system in 2014. The technological and compliance components of the system, however, have taken some time to develop.
The launch date is on schedule with the timetable previously provided by Jonathan Johnson, president of Medici Ventures, which is Overstock’s venture fund and tZERO’s direct parent company. Johnson had announced last month that the trading platform would go live in January.
The launch represents an important milestone for Medici Ventures, as the company plans to disrupt the established security trading practices of Wall Street.
Participants in tZERO’s token sale, which took place last August, were informed by letter on January 10th that they can gain access to their tokens.
“As you are aware,” the letter read, “on October 12, 2018 we completed the issuance of the tZERO security tokens. The tokens have been locked up in wallets maintained by tZERO on behalf of our token holders for 90 days following the issuance…Now that the three-month lock-up period has concluded, you must decide where to hold your security tokens.”
Investors can choose to either create a brokerage account with tZERO partner Dinosaur Financial Group or transfer the tokens to a personal wallet.
At first, investors on the platform will only be allowed to trade the native tZERO token. However, the company has reportedly been in talks with about 60 different companies, and it is expected that Elio Motors, a three-wheeled car company, will release the next token.
tZERO was hired in December by GSR Capital, a Hong Kong-based company, to
create a token for trading cobalt, with GSR buying $30 million in tZERO security
tokens. However, the partnership was delayed so GSR could on-board a third
partner before closing the deal. The deal has still not been completed.