tZERO and BOX Digital Markets Sign Deal to Create Joint Venture
June 19 2018 - 10:24AM
Business Wire
Expected to Become the World’s First
Security Token Exchange
tZERO and BOX Digital Markets LLC (“BOX Digital”) announced
today they have entered into a joint venture, which is expected to
become the world’s first regulated exchange for trading security
tokens. Security tokens are electronic tokens defined as
“securities” under U.S. law. The joint venture will seek approval
from the U.S. Securities and Exchange Commission (SEC) prior to
beginning operations.
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the full release here:
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tZERO will power the technology required to create and operate
the joint venture. In addition, tZERO will manage the ongoing
technology implementation, administration, maintenance and support.
BOX Digital will provide executive leadership and regulatory
expertise. Upon obtaining SEC approval, the joint venture will
operate as a facility of BOX Options Exchange, an existing
registered U.S. securities exchange.
Lisa Fall, CEO of BOX Digital, has been appointed as the new CEO
of the joint venture. “We will work closely with the SEC to create
a framework for the safe and efficient trading of security tokens
and our joint venture with tZERO marks a significant step that
brings us ever closer to creating the industry’s first regulated
exchange for security tokens,” said Fall. “With BOX’s experience in
building and operating a sophisticated equity options marketplace
and tZERO’s industry leading blockchain technology, we have brought
together our organizations’ combined expertise to create a more
efficient capital market that will benefit traders and
issuers.”
Last month, tZERO and BOX Digital entered into a letter of
intent to negotiate an equal joint venture that would operate as a
facility of the BOX Options Exchange for the trading of security
tokens in the United States. Today’s announcement confirms the
joint venture officially has been formed with tZERO and BOX Digital
sharing economic ownership and board representation equally.
“There is no doubt that security tokens are the future of
capital markets,” said Saum Noursalehi, CEO of tZERO. “tZERO and
BOX Digital will create the first fully regulated security token
exchange and fundamentally improve the way capital is raised and
traded across different asset classes. Teaming up with Box Digital
will allow us to complement our alternative trading system, already
under development, with a separate, regulated platform, expanding
the reach of our technology to security token issuers of all types,
from micro-cap issuers to SEC reporting companies.”
“I believe the greater investing community does not yet
understand the extraordinary changes blockchain is going to bring
to global capital markets. It is a great honor to have been
selected by BOX as their partner for this historic endeavor,” added
Patrick Byrne, CEO of Overstock.com and Executive Chairman on
tZERO.
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. 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
security tokens, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180619005897/en/
tZEROAlexandra Sotiropoulos,
+1-212-754-5615asotiropoulos@intermarket.comorBOX Digital
MarketsZoe Weisberg Coady,
+1-212-867-0385zoe@brandstylecommunications.com
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