Overstock CEO Patrick Byrne said that the tZERO securities trading platform, which was announced in 2014, will be launched at the end of next week.
In an interview with journalists CoinDesk Byrne said that the platform is ready to go. However, within a few days, the company’s specialists will deal with user registration issues.
“By the end of next week, we will launch a trading system that we have been developing for four years, and this is an important moment for us,” Byrne said.
tZERO is a regulated alternative trading system (ATS) based on the blockchain technology, which is a platform for settlement of securities. ATS is designed to help companies increase their capital with investment tokens and “provide secondary liquidity for traditionally illiquid investments.”
tZERO, which is a subsidiary of Overstock’s Medici Ventures blockchain fund, already controls investment tokens bought by 1,000 investors back in August. Then, tokens worth about $ 134 million were sold, and they were kept in the custodial wallet of tZERO until January 10, 2019.
According to CoinDesk, Stephen Hopkins, the former operational director of Medici Ventures, will become the head of tZERO.
Now the company’s customers will have the opportunity to put tokens in their personal wallet or open a brokerage account.
The launch of the platform will allow users to trade the tZERO token. The company is also considering the possibility of connecting to the platform 60 different companies, including the manufacturer of three-wheeled vehicles Elio Motors.
In September 2018, the company Overstock announced that it was going to start selling bitcoins on its website after the acquisition of the biometric wallet Bitsy. In November, Patrick Byrne announced that he intends to sell his retail business and focus on working with blockchain technology.