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The much-hyped tZERO security token, which raised over $134M during their STO in August, has officially begun trading. Trading between accredited investors will be done through the digital securities brokerage account at Dinosaur Financial Group, LLC.
tZERO has been by far the most publicized tokenized security, and now the wait is finally over. Through the licensed brokerage firm Dinosaur Financial Group, tZERO is now trading between accredited investors.
tZERO will serve as a hub for tokenized securities through their platform which was recently patented in the United States. After being frozen for three months, the token is now finally live, distributed, and open for trading. The brokerage firm responsible, Dinosaur Financial, is also partnering with PRO Securities, LLC, which is a subsidiary of tZERO.
tZERO famously provided the technology to the world’s first public digital asset ,OSTKP, in 2016 and has now gone on to create its own financial instrument. During its STO, over 1,000 investors globally participated and raised unprecedented funds for a tokenized security.
tZERO’s parent company, Overstock.com, has famously been heavily invested in the tokenized security space. Their founder, Patrick Byrne, has been very vocal about his support saying he was going “all in” on security tokens last year. Overstock.com also owns Medici Ventures, which is an investment portfolio company for crypto-assets which will also work together with tZERO.
The CEO of tZERO, Saum Noursalehi, commented on the live trading news saying:
“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.”
The Senior Vice President of Dinosaur Financial Group, Elliot Grossman, also gave his thoughts:
“We are impressed with what tZERO has achieved and we are looking forward to being a part of the blockchain revolution. We see this as a truly evolutionary step toward improving transactional transparency for investors, while providing an efficient and secure alternative to over-the-counter trading or a listing on one of the legacy stock exchanges for companies seeking to raise capital.”
For accredited investors holding tZERO, they will receive a portion of the fees associated with the use of their algorithmic trading system and each security token represents a stake in the company.
Is the hype justified? Is tZERO now being tradeable a major milestone? Let us know your thoughts in the comments.