Blockchain Pioneer Announces that Secondary
Market for tZERO Security Tokens is Now Live, Marks First Step
Towards Trading Other Digital Assets
tZERO, the global leader in blockchain innovation for capital
markets, announced today that secondary trading of tZERO security
tokens is now live. Accredited investors can now trade tZERO
security tokens with other accredited investors through a digital
securities brokerage account at Dinosaur Financial Group, LLC,
which will act as the introducing broker-dealer. Dinosaur has
partnered with PRO Securities, LLC, a tZERO subsidiary, which
offers an alternative trading system to provide market access for
secondary trading of the tZERO security tokens, during market hours
initially.
tZERO, which provided the technology behind trading of the
world’s first public digital asset, OSTKP, in 2016, raised $134
million from over 1,000 global investors during its highly
publicized security token offering (STO), which closed in August
2018. Following the mandatory 90-day lock-up period, investors now
have an efficient path to liquidity through the blockchain for the
first time ever. Additionally, as a result of this historic
milestone, tZERO has laid the groundwork for the trading of other
tokenized assets, such as debt instruments, commodities and
real-estate.
“A new efficient and transparent path for capital formation via
blockchain is now a reality, but those who have followed our
journey know that today’s announcement is just one more step down a
path,” said Patrick M. Byrne, tZERO executive chairman and the CEO
and founder of parent company Overstock.com (NASDAQ:OSTK). “tZERO
is working toward a world where security tokens revolutionize
traditional capital markets, and companies achieve trust through
cryptographically-protected algorithms rather than through
rent-seeking middlemen.”
“The world of security tokens has lacked a regulated venue for
secondary trading,” said tZERO CEO Saum Noursalehi. “The trading of
our own security tokens is the crossing of the Rubicon for the new
world of digital assets. This will create liquidity, democratize
access, bring transparency and efficiency to global markets and
accelerate the adoption of security tokens.”
Elliot Grossman, Senior Vice President at Dinosaur Financial
Group said, “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.”
tZERO was founded in 2014 with the goal of utilizing blockchain
technology to revolutionize Wall Street so that financial processes
could become less beholden to traditional institutional market
structures and the mischief and financial instability they have
been known, on occasion, to permit. tZERO is a portfolio company of
Medici Ventures, Overstock.com’s blockchain subsidiary. PRO
Securities is an SEC-registered broker-dealer and FINRA member that
is wholly-owned by tZERO. For more information on tZERO, please
visit https://www.tzero.com/
About tZERO
tZERO Group, 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.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered trademarks of
Overstock.com, Inc. O.biz and Space Shift are also
trademarks of Overstock.com, Inc. Other service marks, trademarks
and trade names which may be referred to herein are the
property of their respective owners.
About Dinosaur Financial Group, LLC
Dinosaur Financial Group, LLC is a broker-dealer registered with
the SEC and a member of FINRA, SIPC, MSRB and NFA. Dinosaur is a
full service, independent financial services firm headquartered in
New York, New York with an office in Miami, Florida. It offers
investment banking and sales and trading services across equity and
debt products for its clients. Its affiliated entities offer global
access through offices in London, United Kingdom, Milan, Italy and
Madrid, Spain.
tZERO is not a registered broker-dealer, funding portal,
investment adviser or investment manager and does not provide any
brokerage services. tZERO takes no part in the negotiation or
execution of secondary market transactions for the purchase or sale
of securities and at no time has possession of investor funds or
securities in connection with such transactions. Secondary market
trades will be executed by PRO Securities, LLC, a broker-dealer
registered with the SEC and a member of FINRA and SIPC, through the
PRO ATS. More information about PRO Securities and Dinosaur
Financial Group may be found at www.finra.org.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements include all statements other than
statements of historical fact. Additional information regarding
factors that could materially affect results and the accuracy of
the forward-looking statements contained herein may be found in
Overstock.com’s Form 10-Q for the quarter ended September 30, 2018,
which was filed with the SEC on November 9, 2018, and any
subsequent filings with the SEC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190124005816/en/
Media:tZEROAlexandra Sotiropoulos,
+1-212-754-5615asotiropoulos@intermarket.com
Overstock.comOverstock Public Relations,
+1-801-947-3564pr@overstock.com
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