NEW YORK--(BUSINESS WIRE)--tZERO, the blockchain-meets-Wall-Street subsidiary of Overstock.com, Inc. (NASDAQ:OSTK), announces the highly-anticipated prototype of its planned security token trading software. The demo link displays a video demonstrating how security tokens may be traded on this platform.
Overstock.com and tZERO CEO Patrick Byrne said, “In August 2015, Overstock used tZERO’s blockchain technology to issue what we believe was the world’s first private blockchain security, a $5 million bond to First New York Securities. In December 2015, Overstock filed with the SEC an S-3 registration statement to register a preferred stock digital security utilizing tZERO’s blockchain technology, which was subsequently declared effective in December 2016. Overstock used that S-3 to issue what we believe was the world’s first public blockchain security, OSTKP, utilizing tZERO technology once again. Now we are unveiling tZERO’s security token trading software: the astute viewer of our progress can look at this, and the collection of strategic assets we have assembled, and get an idea of the breadth of what we intend.”
“Technologically speaking, we anticipate the security token trading software will be ready to trade security tokens in May, subject to developing further regulatory clarity,” said tZERO president Joe Cammarata. “We have been working hard on getting this prototype right and look forward to user feedback.”
Cammarata continued, “We’re making history and we thank everyone involved in creating this new digital ledger platform. We also want to thank our customers; we’re doing this together.”
The demo video released today for tZERO’s new platform reaches a much-anticipated milestone. tZERO is requesting that potential users review the video and provide feedback to firstname.lastname@example.org.
tZERO’s private offering for the tZERO security token commenced December 2017. On March 1, 2018, tZERO announced that it had extended the security offering until May 14, 2018. tZERO will enter into Simple Agreements for Equity (SAFEs) only with accredited investors pursuant to the terms and conditions set forth in the Offering Memorandum, dated March 1, 2018, for the token sale.
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. On December 18, 2017, tZERO opened its global $250 million USD Initial Coin Offering (ICO) to accredited investors. More information is available at tZERO.com.
Overstock.com 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.
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 the Company's Form 10-Q for the quarter ended December 31, 2017, which was filed with the SEC on March 15, 2018, and any subsequent filings with the SEC.