{"id":183990,"date":"2018-10-17T13:00:12","date_gmt":"2018-10-17T17:00:12","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/overstocks-tzero-issues-sec-complaint-security-tokens\/183990"},"modified":"2021-08-10T06:55:59","modified_gmt":"2021-08-10T10:55:59","slug":"overstocks-tzero-issues-sec-complaint-security-tokens","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/overstocks-tzero-issues-sec-complaint-security-tokens","title":{"rendered":"Overstock\u2019s tZero Issues SEC-Complaint Security Tokens"},"content":{"rendered":"
\"nasdaq<\/div>\n

tZero announced it has issued its preferred tZero security tokens, sold during the Security Token Offering (STO)\u00a0earlier this year. The company raised $134 million from investors worldwide during the months-long STO.<\/strong><\/p>\n

\n

ICO to STO<\/h2>\n

The offering launched as a more typical pre-sale ICO towards the end of last year. This became the second stage STO in March, after review by the Securities and Exchange Commission (SEC). tZero raised $134 million from investors worldwide over the duration of the sale.<\/p>\n

Investors with a signed agreement for future equity (SAFE) at the August 2018 close date had tokens issued last Friday.<\/p>\n

\"Investment<\/p>\n

Token Gesture<\/h2>\n

Although tZero deployed the token contract and created the tokens, holders cannot access them until January 10, 2019. To comply with securities regulations, they must remain in a custodial wallet for 90 days after issuance.<\/p>\n

After this period, holders and other accredited investors will be able to trade them on a platform tZero is currently developing. Non-accredited investors can join the party by August 6, 2019, through an approved trading platform. tZero also plans to register the securities to allow secondary trading on international exchanges.<\/p>\n

Test Pilots<\/h2>\n

In the press release for the announcement, tZero executive chairman, Patrick M. Byrne, compares the companies achievements to those of histories brave experimental test-pilots.<\/p>\n

\"Overstock<\/p>\n

He says:<\/p>\n

The issuance of the world\u2019s first public cryptosecurity, OSTKP, in 2016 was tZERO\u2019s Chuck Yeager moment: we broke the speed of sound by introducing the concept of real-time trade settlement. Today marks our Yuri Gagarin moment, where we leave behind the confines of the known world of traditional capital markets and take the first steps towards a new market powered by blockchain.<\/p><\/blockquote>\n

That\u2019s quite some hyperbole for the world of crypto-securities.<\/p>\n

Overstock\u2019s Love Affair With Bitcoin<\/h2>\n

tZero is a majority-owned subsidiary of Utah-based retailer Overstock. Overstock is a long-time champion of the crypto-universe, being one of the first major retailers to accept bitcoin.<\/p>\n

Through its own actions and those of its subsidiaries, it has since become indelibly linked with the industry<\/a>. So linked, in fact, that events such as the SEC review<\/a> into tZero\u2019s STO<\/a> and even more general cryptocurrency market dips, can greatly affect its share price<\/a>.<\/p>\n

Will tZero eventually trade on Nasdaq? Share your thoughts below!<\/em><\/strong><\/p>\n

\n

Images courtesy of Shutterstock, Bitcoinist archives<\/em><\/p>\n

The post Overstock\u2019s tZero Issues SEC-Complaint Security Tokens<\/a> appeared first on Bitcoinist.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

tZero announced it has issued its preferred tZero security tokens, sold during the Security Token Offering (STO)\u00a0earlier this year. 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