Tzero, a subsidiary of Overstock.com plans to launch a regulated exchange to token promotions in collaboration with Box Digital Markets. The company will seek the approval of the Commission, the securities and exchange Commission on the work of the new site.
FINTECH-unit Overstock.com the company Tzero and Box Digital Markets announced Tuesday its intention «to open the first industry exchange for token-actions». The new platform will be «to list and publicly trade tokens-stocks for companies producing or converting existing shares into tokens-event», — said in a joint statement the two firms. Both companies will equally own the new joint venture, and will seek the approval of the Commission, US securities and exchange Commission (SEC) on its new site.
CEO and founder of Overstock Patrick Byrne (Patrick Byrne) told Reuters in a telephone interview:
«I hope that trading will begin in the third quarter of this year.»
Tzero is the first adjustable SEC alternative trading system cryptocurrency. Box Digital Markets is a subsidiary of Box Holdings Group LLC, which owns and operates the exchange Box Options Exchange, registered national securities exchange under section 6 of the securities Act. CEO Digital and Box President Box Options Exchange will be CEO of the new joint venture. Bern said:
«We can be cooperation with such a partner as Box, which sells first-class securities.»
CEO of Tzero, Noursalehi Saum (Saum Noursalehi) added:
«With the Digital Box we will continue to cooperate with the SEC, as we develop the first of its kind platform which will unite the capital markets of the blockchain and the existing national market system of the United States».
In April, Byrne told CNBC that there is a safer way to raise money than the initial placement of tokens (ICO), Recalling sentences tokens (STO). «It’s a new term… currently, the industry can be easily divided into sentences and ICO STO», he said.
He also noted:
«Fraud ICO last year provoked a malicious release of financial assets on the market. We develop a new mechanism to go forward, and not to provoke the saturation of the market with worthless assets.»
On December 18 last year, the company opened sales of its token, and in February, the SEC began an investigation of this ICO. «Although the SEC is trying to determine whether any violations of the Federal securities laws, the investigation does not mean that the SEC has concluded that someone broke the law,» — noted in Tzero.
New collaboration, apparently, is a logical continuation of the development prototype of the upcoming launch of platform for trading tokens, which Tzero announced in April of this year. The company noted that waiting for a final classification of tokens from the SEC to launch a full version of the platform.