tZERO, the blockchain-meets-Wall-Street subsidiary ofOverstock.com, Inc.(NASDAQ:OSTK), announced the highly-anticipated prototype of its planned security token trading software. Thedemo linkdisplays 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 tZEROs blockchain technology to issue what we believe was the worlds 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 tZEROs blockchain technology, which was subsequently declared effective in December 2016. Overstock used that S-3 to issue what we believe was theworlds first public blockchain security, OSTKP, utilizing tZERO technology once again. Now we are unveiling tZEROs 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, Were making history and we thank everyone involved in creating this new digital ledger platform. We also want to thank our customers; were doing this together.
The demo video released today for tZEROs new platform reaches a much-anticipated milestone. tZERO is requesting that potential users review the video and provide feedback toinfo@tzero.com.
tZEROsprivate offeringfor 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.
