Overstock’s Platform tZERO Starts Distributing its Security Token to Investors
[ChainDD report] January 13 (ChainDD) The security tokens’ exchange tZERO, a subsidiary of the U.S. e-commerce company Overstock, informed investors on January 11 that it began to transfer the control of the token it issued last year to them. tZERO’s CEO Saum Norsalehi said that since the three-month lock-up period ended, investors have to determine where they want to hold tZERO’s security tokens.
ChainDD noted that tZERO launched one of the first security token offerings (STO) in the world, and ended in October with a total of $134 million funds raising from more than 1000 investors. All of the tokens issued to investoers were locked in wallets and managed by tZERO on behalf of holders.
According to tZERO’s letter on January, investors have two options: one is to open a brokerage account with tZERO’s partner Dinosaur Financial Group, another is to hold in personal wallet through a two-step system verification.