The long-awaited release of the tZERO digital securities platform will go live next week according to a public statement by Patrick Byrne, the founder of Overstock.com. Currently, the platform is just finishing up processing user sign-ups and is “ready to hit the button and go live.”
tZERO has been one of the most-hyped tokenized security projects in the crypto space ever since it was announced in 2018. Not only is its parent company Overstock.com, but their own “Crypto Integration Platform” has been issued a U.S. patent.. Last week, tZERO officially distributed its security token to investors after raising some $134 million in their security token sale in August 2018. The lockup period is now over and with investors holding their tZERO security tokens, the most exciting step is soon-to-come: the launch of the tZERO platform.
Byrne’s confirmation of tZERO going live next week should not come as a surprise. Last month, Jonathan Johnson the president of Overstock’s venture fund Medici Ventures, said that the tZERO platform would go live “in January.”
Although tZERO will be available for trading at launch, the project is apparently also talking to 60 or so different companies who wish to see their digitized assets traded on the platform. Byrne told CoinDesk that stocks of Elio Motors will likely be the next tokenized security traded on tZERO.
According to Byrne, the purpose of tZERO is to disrupt established security trading practices. If tZERO is successful, this just may be the disruption Byrne has been hoping for; many companies would likely flock to the platform if this initial period goes by successfully.
However, tZERO has also been present in other financial sectors such as looking to create a cobalt-based stablecoin. Byrne himself as been one of the strongest, most visible supporters of security tokens in the crypto space telling reporters that he was going “all in” last year. It seems that he has stuck to his guns and tZERO will surely make an impact on this stil-young cryptocurrency sector.
Are you excited for tZERO’s launch? Where do you see the project in 3-6 months? Let us know your thoughts in the comments.
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