NEW YORK--(BUSINESS WIRE)--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/
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.
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.