tZERO and BOX Digital Markets Announce Joint Venture to Launch Industry’s First Security Token Exchange
May 22 2018 - 09:15AM
Business Wire
t0.com, Inc. (tZERO) and BOX Digital Markets LLC (BOX Digital)
announce a joint venture to launch the industry’s first regulated
security token exchange.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180522005689/en/
On May 18, 2018, the two companies entered into a letter of
intent to form an exchange to list and publicly trade security
tokens for companies that issue, or convert existing stock to,
security tokens. The proposed joint venture would be equally owned
by tZERO and BOX Digital, with each having equal representation on
the Board of Directors, together with one mutually agreed upon
independent director. Lisa Fall, who currently serves as CEO of BOX
Digital and as president of BOX Options Exchange LLC, would be
the CEO of the joint venture.
“tZERO has proven to be a pioneer in the development and
practical use of blockchain technologies for capital markets for a
number of years,” said Ms. Fall. “tZERO’s track record and
accomplishments in this innovative area, coupled with BOX’s
expertise in operating a highly efficient and transparent equity
options marketplace, made partnering together an easy decision and
we look forward to building a world-class platform for listing and
trading security tokens.”
tZERO plans to contribute cash and license tZERO’s blockchain
technology for operation of the security token market. BOX Digital
will contribute expertise and personnel toward obtaining regulatory
approval and operation of the security token market. Approval of
the U.S. Securities and Exchange Commission will be sought
following execution of definitive documentation. Creation of the
joint venture is subject to definitive documentation and customary
conditions.
“Our partnership with BOX Digital Markets is a significant
milestone that will create the first SEC-regulated exchange
designed to efficiently trade crypto securities. Lisa Fall’s
leadership, reputation and deep experience in the regulated
securities exchange industry will be a major asset in achieving
this objective,” said Saum Noursalehi, newly appointed CEO of
tZERO. “Together, we will continue to work with the SEC as we
develop a first-of-its-kind platform that will integrate blockchain
capital markets into the current U.S. National Market System.”
About BOX Digital:
BOX Digital Markets LLC is engaged in creating and developing
markets for trading digital assets in a regulated environment. BOX
Digital is a wholly-owned subsidiary of BOX Holdings
Group LLC, which owns and operates BOX Market, an equity
options marketplace and a facility of BOX Options
Exchange LLC. BOX Options Exchange is a Registered National
Securities Exchange under Section 6 of the Securities Exchange
Act of 1934. Additional information about BOX Market and BOX
Options Exchange can be found at http://www.boxoptions.com.
About tZERO:
t0.com, Inc. (“tZERO“) is a majority owned subsidiary of
Overstock.com, focusing on the development and commercialization of
financial technology (FinTech) based on cryptographically-secured,
decentralized ledgers – more commonly known as blockchain
technologies. Since its inception, tZERO has pioneered the effort
to bring greater efficiency and transparency to capital markets
through the integration of blockchain technology.
About Overstock.com:
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A
Preferred (Medici Ventures’ tZERO platform: OSTKP) / Series B
Preferred (OTCQX:OSTBP) is an online retailer based in Salt Lake
City, Utah that sells a broad range of products at low prices,
including furniture, décor, rugs, bedding, and home improvement. In
addition to home goods, Overstock.com offers a variety of products
including jewelry, electronics, apparel, and more, as well as a
marketplace providing customers access to hundreds of thousands of
products from third-party sellers. Additional stores include Pet
Adoptions and Worldstock.com dedicated to selling artisan-crafted
products from around the world. Forbes ranked Overstock in its list
of the Top 100 Most Trustworthy Companies in 2014. Overstock
regularly posts information about the company and other related
matters under Investor Relations on its website,
http://www.overstock.com.
Forward-Looking Statements
This Press Release contains forward-looking statements,
including statements relating to tZERO’s business, the success of
the ongoing tZERO Security Token offering and the regulatory
compliance of the tZERO Security Token offering. Other statements
in this press release that include words such as “anticipate,”
“may,” “believe,” “could,” “should,” “estimate,” “expect,”
“intend,” “plan,” “predict,” “potential,” “forecasts,” “project,”
and other similar expressions, also are forward-looking statements.
Forward-looking statements are made based upon management’s current
expectations and beliefs concerning future developments and their
potential effects on tZERO. Such forward-looking statements are not
guarantees of future performance. Various factors could affect
tZERO’s actual results and could cause such results to differ
materially from estimates or expectations reflected in
forward-looking statements, including factors relating to legal and
regulatory developments, applications and/or interpretations of
existing legal and regulatory requirements, technological
developments and/or difficulties, general economic conditions,
conditions in the capital markets and cryptocurrency markets,
changes in investor confidence regarding tZERO’s ability to
successfully operate its business and develop a trading system for
securities tokens, limitations on the tZERO Security Token,
including transfer restriction, and other important factors. tZERO
expressly disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statement contained
herein to reflect any change in its expectation with regard thereto
or any change in events, conditions, or circumstances on which any
such statement is based.
This press release is neither an offer to sell, nor a
solicitation of an offer to buy, any securities, nor shall there be
any sale of any securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The tZERO Security Tokens
are being offered only pursuant to the Amended, Supplemented and
Restated Private Placement Offering Memorandum dated March 1,
2018, as will be further supplemented.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180522005689/en/
tZEROAlexandra Sotiropoulos,
+1-212-754-5615asotiropoulos@intermarket.comorBOX Digital
MarketsZoe Weisberg Coady,
+1-212-867-0385zoe@brandstylecommunications.com
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