Overstock’s tZERO Starts Distributing Its Safety Token to Investors

Safety token buying and selling platform tZERO, a portfolio organization of digital retailer Overstock, has begun the approach of enabling buyers to entry tokens acquired all through a sale it done past August.

In a letter despatched to buyers late Thursday, tZERO CEO Saum Noursalehi outlined the 1st techniques towards getting custody of the tZERO stability tokens. TZERO wrapped up the $134 million presenting in August, and in October said that it experienced done the issuance of the tokens, which have been then locked up in a custodial wallet until January 10, as outlined in a push assertion at the time.

“As you are aware, on October 12, 2018 we done the issuance of the tZERO stability tokens. The tokens have been locked up in wallets taken care of by tZERO on behalf of our token holders for 90 times adhering to the issuance,” Noursalehi wrote. “Now that the a few-month lock-up time period has concluded, you ought to decide exactly where to maintain your stability tokens.”

In accordance to the letter, buyers now have two possibilities: generate a brokerage account with broker-supplier and tZERO partner Dinosaur Economic Team or maintain the tokens in a personalized wallet, which is subject to a two-stage verification approach, according to tZERO.

“If you in the beginning choose to maintain your stability tokens in your personalized wallet, you may possibly later go your tokens into a digital securities brokerage account you open up with Dinosaur,” the business said.

What is not clear at this time is just when tZERO is predicted to begin real buying and selling of the stability token on its platform. In the letter, tZERO advised buyers to “look out for yet another tZERO update regarding the commencement of stability token buying and selling.”

Jonathan Johnson, the president of Medici Ventures – which oversees Overstock’s blockchain efforts, including tZERO – told CoinDesk past month that the stability token platform will formally go live in January. A prototype of it was unveiled past April.

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