Overstock’s tZero Issues SEC-Complaint Security Tokens
HomeCryptocurrency NewsBitcoinist.com

Overstock’s tZero Issues SEC-Complaint Security Tokens

tZero announced it has issued its preferred tZero security tokens , sold during the Security Token Offering (STO) earlier this year. The co...

Ripple Rides up Crypto Charts, Knocks Bitcoin Cash Out of #3 Spot
Israeli Broker: ‘Definitely Room’ For Bitcoin Options On Stock Exchange
Propy’s New Launch: It Is Now Possible to Buy Properties In The US for Bitcoin

tZero announced it has issued its preferred tZero security tokens, sold during the Security Token Offering (STO) earlier this year. The company raised $134 million from investors worldwide during the months-long STO.


ICO to STO

The offering launched as a more typical pre-sale ICO towards the end of last year. This became the second stage STO in March, after review by the Securities and Exchange Commission (SEC). tZero raised $134 million from investors worldwide over the duration of the sale.

Investors with a signed agreement for future equity (SAFE) at the August 2018 close date had tokens issued last Friday.

Investment Into Overstock's Cryptocurrency Exchange Causes Share Price to Rocket

Token Gesture

Although tZero deployed the token contract and created the tokens, holders cannot access them until January 10, 2019. To comply with securities regulations, they must remain in a custodial wallet for 90 days after issuance.

After this period, holders and other accredited investors will be able to trade them on a platform tZero is currently developing. Non-accredited investors can join the party by August 6, 2019, through an approved trading platform. tZero also plans to register the securities to allow secondary trading on international exchanges.

Test Pilots

In the press release for the announcement, tZero executive chairman, Patrick M. Byrne, compares the companies achievements to those of histories brave experimental test-pilots.

Overstock CEO Patrick Byrne - It's About Time The World Switches to Real Money Either Bitcoin or Gold

He says:

The issuance of the world’s first public cryptosecurity, OSTKP, in 2016 was tZERO’s Chuck Yeager moment: we broke the speed of sound by introducing the concept of real-time trade settlement. Today marks our Yuri Gagarin moment, where we leave behind the confines of the known world of traditional capital markets and take the first steps towards a new market powered by blockchain.

That’s quite some hyperbole for the world of crypto-securities.

Overstock’s Love Affair With Bitcoin

tZero is a majority-owned subsidiary of Utah-based retailer Overstock. Overstock is a long-time champion of the crypto-universe, being one of the first major retailers to accept bitcoin.

Through its own actions and those of its subsidiaries, it has since become indelibly linked with the industry. So linked, in fact, that events such as the SEC review into tZero’s STO and even more general cryptocurrency market dips, can greatly affect its share price.

Will tZero eventually trade on Nasdaq? Share your thoughts below!


Images courtesy of Shutterstock, Bitcoinist archives

The post Overstock’s tZero Issues SEC-Complaint Security Tokens appeared first on Bitcoinist.com.



from Bitcoinist.com https://ift.tt/2pZo0H6
Name

Bitcoin News,5117,Bitcoinist.com,4741,Cryptocurrencies,4741,Cryptocurrencies Latest News,5117,Cryptocurrency Latest News,4741,Cryptocurrency News,9858,
ltr
item
Cryptocurrency Latest News: Overstock’s tZero Issues SEC-Complaint Security Tokens
Overstock’s tZero Issues SEC-Complaint Security Tokens
https://bitcoinist.com/wp-content/uploads/2018/10/shutterstock_487150054-640x400.jpg
Cryptocurrency Latest News
http://cryptocurrencylatest.blogspot.com/2018/10/overstocks-tzero-issues-sec-complaint.html
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/2018/10/overstocks-tzero-issues-sec-complaint.html
true
1236144943044321696
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy