tZERO, subsidiary of Overstock, releases tokens purchased by investors last fall

12 Jan, 2019
by David Borman
News
tZERO, subsidiary of Overstock, releases tokens purchased by investors last fall

It is being reported by CryptoGlobe that trading platform tZERO, a token trading platform and subsidiary of Overstock.com, is finally releasing the tZERO security tokens that investors purchased last fall. It was understood at the time of the sale that all tokens purchased would be held on behalf of the investors for 90 days, a time period which has now expired.

The announcement came in the form of a letter released by the company Thursday that proclaimed those who purchaded the security tokens could now begin moving them to their own wallets or into a brokerage account held by Dinosaur Financial Group, a partner of tZERO.

CEO of tZERO, Saum Noursalehi, had the following to say:

"As you are aware, on October 12, 2018 we completed the issuance of the tZERO security tokens. The tokens have been locked up in wallets maintained by tZERO on behalf of our token holders for 90 days following the issuance. Now that the three-month lock-up period has concluded, you must decide where to hold your security tokens."

The company raised an impressive $134 million in the token sale last year, in order to fund the expansion of their exchange. Presumably the tZERO token will be tradeable on the official exchange, though a timeline hasn't been announced. However, the letter sent out did mention to investors that they should "look out for another tZERO update regarding the commencement of security token trading."

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Read more about: Overstock

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