Speaking to CoinDesk on Friday, CEO Patrick Byrne said that the company is “ready to hit the button and go live today,” but was waiting a few more days to process user signups.
“But by the end of [this] week we will be turning the trading system live. It’s a big moment for us — four years in the making.”
The announcement means tZERO will meet the timetable given last month by Jonathan Johnson, president of Medici Ventures, Overstock’s venture fund and tZERO’s direct parent company. Speaking to CoinDesk in December, he said the company would go live in January.
– on its way to becoming the first SEC regulated Security Token issuance and trading exchanges in the US
– Overstock’s founder, Patrick Byrne called security tokens an “innovation of historic proportions.”#STO #bitcoin #blockchain #hodlya #Alts
— Jenny Q Ta 🧧₿⛓ (@sqeeqee) January 20, 2019
Overstock has invested $175 million in Medici Ventures, which houses several blockchain-based startups. The largest of these projects is tZERO— an institutional-grade security token trading platform which includes an ‘alternative trading system’ (ATS). The launch of the platform this week required regulatory approval by the SEC.
The platform will allow trading of its native tZERO token at launch, but is also talking to about 60 different companies. Elio Motors, a company producing light three-wheeled cars, will probably issue the next token traded on the platform according to Byrne.
tZero raised $134 million during its initial coin offering, which ran from December 2017 to August 2018. In the following October, tZero completed its token sale by distributing all tokens to their investors’ tZero wallets.
The launch comes three and a half years after the initial announcement by Byrne in August of 2015.