Overstock, a US-based online retailer with an interest in blockchain technology, plans to make public its security token cryptocurrency exchange, tZERO.
Starting on August 12, anybody will be able to day trade on the tZERO platform, states platform CEO Saum Noursalehi, speaking to CoinDesk.
The platform came to be in January but was only open to accredited investors.
However, there are only two cryptocurrencies on the platform as of this time. There’s tZERO’s private equity asset, TZEROP, which came to be in its security token offering. Then, there’s the Overstock-specific A-1 preferred stock that went onto the platform in June. This one is an evolution of Overstock’s initial blockchain stock from back in 2016.
Now, in order to bring more people to the platform and increase day trading numbers, they plan to bring in more shares to every shareholder on the space. These will come in the form of dividend, reports the publication, and will take place over the next few months.
Noursalehi commented on the matter:
“It’s a nice bonus to our shareholders and it serves the purpose of getting a lot of adoption on the platform. There is a lot of focus on liquidity.”
He also spoke on something discussed during the earnings call this Thursday, stating that “getting that initial adoption is key, as well as getting additional brokers to the table.”
Johnathan Johnson, president of Medici, a blockchain investment subsidiary of Overstock, also shared that the company would be slowing down this arm due to a lack of progress:
“We don’t expect to grow the keiretsu as aggressively as we have in the past.”
As of now, tZERO is planning to acquire a BitLicense, otherwise known as a virtual currency license that the New York Department of Financial Services requires in order to operate from within the state.
“The New York BitLicense is challenging to get, we are working on it, we’re hoping to get it in the next six months,” says Noursalehi.