Overstock expanding blockchain arm tZero in Ireland

Overstock expanding blockchain arm tZero in Ireland

The Emerald Isle is now a hotspot for talent in tech and a corporate tax haven.

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United States’ retail giant Overstock is reportedly expanding its blockchain wing tZero with new hires in Ireland.

The Utah-based e-commerce company is seeking to hire software and devops engineers to work on its blockchain and security token subsidiary tZero, local tech news agency Silicon Republic reported on Nov. 10.

As reported, the new hires for tZero are part of a new team at Overstock’s headquarters in Sligo in western Ireland. The online retail company already employs 90 people working in AI, research and development, and machine learning.

Senior development manager at Overstock John Forde said that tZero operates in a “fast-growing digital securities market,” stating:

“It is an exciting time for Overstock Ireland to be working with tZero to expand into this area. It provides diversity in terms of both technology and business domain and enables us to provide exciting and challenging roles here in the northwest.”

According to Overstock’s Q3 2020 earnings report, tZero increased its revenue by 97% year-on-year to $11.1 million in the first quarter of 2020. However, tZero was still unprofitable, losing $12.3 million in Q3.

Overstock was one of the first major mainstream companies to announce Bitcoin (BTC) support. After launching tZero security token exchange in late 2016, Overstock also completed a $134 million initial coin offering for tZero in August 2018.


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The Emerald Isle is now a hotspot for talent in tech and a corporate tax haven.

Wall Street’s Digital Token Broker tZERO Posts Record Growth

Wall Street’s Digital Token Broker tZERO Posts Record Growth

Overstock’s shares are up 8% following the announcement of record activity on its tZERO security token exchange.

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Overstock’s shares have jumped by 8% following the release of new data regarding user and trading activity on the company’s tZERO alternative trading system (ATS) for security tokens.

An announcement published by tZERO on June 10 noted that May was the exchange’s strongest month on record, with 423,000 digital securities changing hands on the platform last month.

The spike in activity follows Overstock’s ‘digital dividend’ distribution — which saw one ‘OSTKO’ security distributed for every ten Overstock shares held by investors.

Overstock declares digital dividend a success

When compared with May 2019, last month saw a fourfold increase in trading volume, while year-to-date (YTD) performance as of June 1 was up by 50%. Saum Noursalehi, the chief executive of tZERO said:

“We had four times the trading volume last month, compared to May 2019. Having significantly enhanced the liquidity on our platform, we are positioned to offer issuers and investors the best trading experience for tokenized securities.” 

The tZERO crypto app, which features a wallet along with buying and selling services for Bitcoin (BTC), Ethereum (ETH), and Ravencoin (RVN), also saw a 15% increase in its user base last month — driving an 85% increase in users over 2020 so far.

Based on data provided during a June 10 ‘Investor Day’ webcast, tZERO appears to have posted earnings before interest, taxes, depreciation, and amortization (EBITDA) of minus $8.25 million for the first quarter of 2020. That may not sound great, but it is the best performance since 2018.

Overstock security tokens dominate rankings

The strong user activity on tZERO shows that Overstock has been largely successful in its aims with the digital dividend, as the firm’s founder and former CEO Patrick Byrne had asserted that the airdrop would drive up tZERO volumes in past shareholder meetings

In its first month of trade, OSTKO has quickly emerged as the top security token by both trade volume and market capitalization — pushing tZERO’s TZROP token down to second place.

According to data published by Security Token Group, the two Overstock-issued security tokens currently represent 71% of the entire security token market capitalization and 95% of trade volume.


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Overstock’s shares are up 8% following the announcement of record activity on its tZERO security token exchange.

Overstock’s tZERO to Launch Broker Dealer in US by Q2

Overstock’s tZERO to Launch Broker Dealer in US by Q2

Overstock’s blockchain arm tZERO aims to launch a broker dealer service in the United States by the second quarter of 2020.

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Overstock’s blockchain arm tZERO aims to launch its broker dealer service in the United States by Q2 2020.

According to an April 30 Forbes article, tZERO Chief Executive Officer (CEO) Saum Noursalehi said he plans to expand the adoption of crypto, security tokens and mainstream trading with a one-stop-shop. However, the company must first be approved as a retail broker-dealer. 

The company’s retail broker arm tZERO Markets applied to be registered with the Financial Industry Regulatory Authority (FINRA) in the U.S. earlier this year. If it receives approval, tZero will expand trading by combining equity and traditional securities with crypto and digital assets.

Noursalehi plans to get this approval by the second quarter of 2020, intending to use tZERO’s crypto wallet application “to scale-up adoption for security token trading.” The CEO added in a statement that the current pandemic was partially responsible for the public’s greater reliance on blockchain and Overstock:

“Several of our blockchain companies have received public attention because the problems they are solving using blockchain technology have been brought into the spotlight in the current pandemic. Areas like mobile voting, digital identity, digital currency, and supply chain tracking have become more important in our COVID-19 world. I am looking forward to the increase in tZERO platform activity I believe will result from the upcoming issuance of the Overstock OSTK digital dividend.“

Bureaucratic approval in short supply

Following tZero’s initial coin offering (ICO) by Overstock in 2017, the company sought approval to launch a market for security tokens. Cointelegraph reported that tZERO’s Boston Security Token Exchange filed an application with the U.S. Securities and Exchange Commission (SEC) to approve the launch of a market for publicly traded registered security tokens in October 2019. 

In an April 1 letter, the SEC said they had yet to reach a decision on tZERO’s application.


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Overstock’s blockchain arm tZERO aims to launch a broker dealer service in the United States by the second quarter of 2020.

Overstock’s Blockchain Arm tZERO Gets $5 Million in Equity Raise

Overstock’s Blockchain Arm tZERO Gets $5 Million in Equity Raise

Overstock’s blockchain subsidiary tZERO raised $5 million through its latest equity sale

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tZERO, the blockchain subsidiary of the American internet retailer Overstock, raised $5 million in equity investment from the Hong Kong equity firm GoldenSand Capital.

Speaking of the firm’s interest in being a part of tZERO’s initiative, chairman of GoldenSand Capital Sonny Wu stated:

“We plan to continue to collaborate with tZERO on strategic opportunities and are interested in partnering our wealth of industry connections across Asia with tZERO’s tokenization protocol technology.”

There was, however, no mention from tZERO as to how the company plans to utilize the proceeds from GoldenSand Capital.

In their statements, Overstock CEO Jonathan Johnson and tZERO CEO Saum Noursalehi said that the latest investment from GoldenSand Capital further validates tZERO’s vision of implementing blockchain technology in capital markets. 

tZERO’s 2020 plan

tZERO is heading at full pace towards attaining its 2020 goals. In a letter sent to its investors in January this year, they announced that the company’s most important objective in 2020 is to launch a broker-dealer platform by June.

tZERO along with Box Digital Markets is working on a security token exchange dubbed Boston Security Token Exchange (BSTX). According to the latest report, the exchange is still in the process of getting approval from the Securities and Exchange Commission.

The SEC said in its letter to the parent companies that they require more time to analyze whether BSTX will be compliant with all regulatory requirements under the U.S. Securities Exchange Act of 1934.


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Overstock’s blockchain subsidiary tZERO raised $5 million through its latest equity sale

Overstock’s tZERO to Launch Broker Dealer in First Half of 2020

Overstock’s tZERO to Launch Broker Dealer in First Half of 2020

Overstock’s blockchain arm tZERO expects to roll out a digital assets broker dealer, tZERO Markets, in the first half of 2020

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Overstock’s blockchain arm tZERO aims to launch its cryptocurrency and digital asset broker dealer service in the first half of 2020.

In a letter to investors released on Jan. 30, tZERO CEO Saum Noursalehi provided a recap of the company’s progress over the last year and highlighted tZERO’s goals for 2020. One of the main objectives of the company is to roll out a digital assets broker dealer in the first half of the current year, dubbed tZERO Markets.

Noursalehi said that the company is working closely with regulators on the matter, and further added that “this is an important initiative as it will allow us to integrate our web and mobile app experiences in the future, enabling investors to trade digital securities and cryptocurrencies on one platform.”

As previously reported, tZERO’s Boston Security Token Exchange filed an application with the SEC to approve the launch of a market for publicly traded registered security tokens, in October 2019. The exchange asked asks the commission to “adopt rules to govern the trading of equity securities on the Exchange” which “would operate a fully automated, price/time priority execution system for the trading of ‘security tokens.’”

Broker dealers receive the green light from the SEC

Last November, Harbor, a digital platform for alternative assets, received a transfer agent license from the SEC. The license enables Harbor to maintain financial records of security token ownership, track account balances and pay out dividends while attracting blockchain companies that are looking to conduct Reg A+ offerings.

The blockchain-based startup Blockstack was the first-ever digital token offering to receive the go-ahead from the SEC to run a $23 million investment round under Regulation A+. Founders of Blockstack Muneeb Ali and Ryan Shea reportedly spent 10 months and approximately $2 million to get approval from the SEC for a Reg A+ offering.


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Overstock’s blockchain arm tZERO expects to roll out a digital assets broker dealer, tZERO Markets, in the first half of 2020

TZERO to Tokenize $25M of Luxury Residential Development in UK

TZERO to Tokenize $25M of Luxury Residential Development in UK

tZERO will tokenize at $25 million of the River Plaza luxury residential property in Manchester, U.K.

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Overstock’s blockchain arm tZERO will provide its technology to tokenize River Plaza, a luxury residential development in Manchester, United Kingdom.

Following a partnership with U.K.-based real estate investment firm Alliance Investments, tZERO plans to tokenize at least $25 million of River Plaza on the Tezos blockchain, according to a press release on Oct. 30.

A 180-unit luxury residential development, River Plaza is the first initiative of Alliance Investments’ real estate tokenization plan to tokenize around $640 million of real estate projects across the U.K. over the next several years. The security token offering is expected to launch in Q1 2020.

Democratizing access and enhancing liquidity

Specifically, River Plaza’s security tokens are expected to boost real estate liquidity for investors through tZERO’s secondary trading, which is operated by tZERO’s broker-dealer subsidiary PRO Securities.

The CEO of tZERO, Saum Noursalehi, said that tokenizing real estate assets will democratize investor access to projects and improve liquidity in the market.

Citing a 2016 Savills World Research Report, tZERO stated that at $217 trillion, real estate represents the largest asset class in the world, but only one-third of that class is reasonably available to the public. 

In mid-September, American blockchain real estate investment firm AssetBlock launched its commercial real estate investment platform using the Algorand blockchain. The firm reportedly partnered with luxury hotel asset manager Lodging Capital Partners to tokenize $60 million of exclusive hotel properties.

On Oct. 17, Dubai-based real estate giant Emaar Properties introduced its new blockchain token-based referral and loyalty platform, also revealing plans to launch the tradeable and redeemable EMR token.


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tZERO will tokenize at $25 million of the River Plaza luxury residential property in Manchester, U.K.

TZERO CEO Issues Letter to Investors, Addresses Patrick Byrne’s Resignation

TZERO CEO Issues Letter to Investors, Addresses Patrick Byrne’s Resignation

The CEO of Overstock blockchain subsidiary tZERO has issued a letter to investors addressing Patrick Byrne’s departure

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The CEO of Overstock’s blockchain subsidiary tZERO, Saum Noursalehi, has issued an update on tZERO’s progress and addressed the departure of Overstock’s CEO Patrick Byrne.

In a letter to investors published on Sept. 6, Noursalehi addressed Byrne’s resignation as the CEO of American e-commerce giant Overstock.com. Noursalehi assured that Byrne’s departure will not have an impact on tZERO’s daily operations and implementation of the firm’s strategic roadmap.

Byrne stepped down as CEO of Overstock in late August. In his letter of resignation, Byrne reaffirmed his faith that “the blockchain revolution will reshape key social institutions.”

Progress and priorities

Noursalehi further focused on the progress tZERO has made in recent months, pointing out the launch of tZERO Crypto on Android, announcing the digital preferred dividend OSTKO, and obtaining a patent that enables traditional trading systems to be anchored into public blockchains. Per the letter, tZERO has also filed for eight additional technology patents.

As for tZERO’s current priorities, Noursalehi outlined four goals such as improving liquidity on the PRO Securities ATS system, enhancing and scaling its security lending solution, onboarding quality issuers and launching a regulated national security token exchange with BOX Digital Markets.

Lack of clarity

Just four days after Byrne’s resignation, Overstock’s interim CEO Jonathan Johnson revealed that Singaporean private equity firm Makara Capital informed the firm that they “will be not investing in tZERO right now.” Makara’s retreat from investment in tZERO did not appear to be surprising as the firm had already delayed and reduced the investment several times.

In his letter, Noursalehi also reiterated Johnson’s statement that Byrne’s exit from Overstock has nothing to do with the allegedly ongoing regulatory investigation by the United States Securities and Exchange Commission (SEC). The SEC investigation was first revealed by tZERO in mid-December 2017.


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The CEO of Overstock blockchain subsidiary tZERO has issued a letter to investors addressing Patrick Byrne’s departure

Investor in Overstock’s Blockchain Firm TZERO Backs Out

Investor in Overstock’s Blockchain Firm TZERO Backs Out

Makara Capital leaves tZERO as potential investor four days after Overstock CEO Patrick Byrne resigned

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Singaporean private equity firm Makara Capital said it will not invest in Overstock’s blockchain subsidiary tZERO.

In an Overstock investor call on Aug. 26, Overstock’s interim CEO Jonathan Johnson said that Makara recently informed the firm that they “will be not investing in tZERO right now.”

Medici Ventures will continue to support tZERO

Johnson emphasized that Makara remains excited about tZERO’s product and will potentially reconsider its investment decision as tZERO progresses. In the meantime, Overstock’s blockchain-focused venture arm Medici Ventures will continue to support the project, Johnson stated.

The news come just four days after former Overstock CEO Patrick Byrne stepped down from his post due to a controversial relationship with a Russian woman who pleaded guilty to acting as a foreign agent.

Byrne developed a crypto-friendly strategy at the company, including the launch of tZERO itself and Overstock’s acceptance of Bitcoin (BTC) payments. 

Johnson replaced Byrne as CEO, while Kamelia Aryafar reportedly took Byrne’s place as a board member and executive vice president of Overstock Retail.

One year of investing plans

Makara’s retreat from investment in tZERO does not appear to be surprising as the company delayed the investment several times since the fundraising was initially announced in August 2018. 

In August 2018, Overstock announced that Makara would invest $404 million in tZERO along with Chinese investment firm GSR Capital. In March, the two firms reduced their proposed investment to $100 million.

On May 9, tZERO finally secured a $5 million investment from Chinese investment firm GSR Capital, while both GSR and Makara were reported to be still considering additional investment.

Following the news, Overstock’s shares have continued to drop, dropping over 14% on the day to trade at $17 at press time.


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Makara Capital leaves tZERO as potential investor four days after Overstock CEO Patrick Byrne resigned

Blockchain Firm TZero Adds Ravencoin to Supported Cryptocurrencies

Blockchain Firm TZero Adds Ravencoin to Supported Cryptocurrencies

Blockchain company tZero adds Ravencoin to its crypto wallet

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Blockchain company tZero added Ravencoin (RVN) to the list of cryptocurrencies supported by its tZero Crypto cryptocurrency wallet and trading app.

Ravencoin now supported on the tZero app

TZero announced in a press release published on Aug. 20 that Ravencoin will be joining Bitcoin (BTC) and Ether (ETH) among the cryptocurrencies supported by its trading and wallet tZero Crypto app, available for iOS and Android devices. Per the release, the company submitted the updated iOS app supporting the crypto asset to the store yesterday, while the update for the Android app will be published today.

The app in question — launched in June — allows users to buy, sell and hold crypto assets. TZero CEO Saum Noursalehi commented on the development by explaining the reasoning behind choosing to add Ravencoin support:

“In addition to being one of the fastest growing cryptocurrencies, Ravencoin is philosophically aligned with tZERO in making it easy to digitize assets and make them freely tradable. […] Ravencoin allows for straightforward issuance and on-chain transfer of any digital asset, including security tokens, making support for RVN a natural fit for tZERO Crypto.”

The players

According to the release, Ravencoin is an open source cryptocurrency aiming to enable instant payments, build and support security tokens, digital collectibles, utility tokens, gift cards, fiat currency or other user-defined assets. TZero is a majority-owned subsidiary of retail giant Overstock focused on the development of blockchain applications.

As Cointelegraph reported in March, Ravencoin has been thrust into the limelight with Overstock.com CEO Patrick Byrne mentioning that his company had invested millions of dollars into the “use case specific Blockchain focusing on the transfer of assets.”


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Blockchain company tZero adds Ravencoin to its crypto wallet

tZERO Announces Patent for Traditional Exchange Blockchain Integration

tZERO Announces Patent for Traditional Exchange Blockchain Integration

Blockchain startup tZERO, announced a new patent for technology to anchor traditional trading systems to public blockchains

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Blockchain startup tZERO, announced that it has been awarded a patent for a technology allowing to anchor traditional trades and exchanges to public blockchains.

A blockchain integration for exchanges

The company announced the development in a press release published on Aug. 6. The patent reportedly describes an integration by the Time Ordered Merkle Epoch (TOME) methodology. The release’s author explains TOME as “a base-layer technology that uses digital signatures to record and verify time-series data such as trades, executions and settlements.”

An auditable record of trades

Per the release, the newly patented system enables low-latency applications, including traditional matching engines or private blockchain ledgers, to be anchored to public blockchains. The firm states that TOME will allow it to quickly register incoming trades in a time-series, calculate hashes and creating an auditable and immutable record of those trades. The company also claims:

“This system provides valuable functionality to exchanges and trading venues required to report trade activity, as well as to regulators for audit purposes.”

Bringing crypto assets to traditional exchanges

The company further declared that, in conjunction with another system patented by the company, TOME enables linkage of the settlement of tokenized blockchain-based securities on a public blockchain with legacy trading systems. Crunchbase estimates tZERO’s annual revenue to be $8.5 million, and according to the press release the firm is a keiretsu company of Medici Ventures, the blockchain subsidiary of U.S. retail giant Overstock.

As Cointelegraph reported at the end of July, two American inventors have won a patent for a blockchain-based recording system for firearm data.


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Blockchain startup tZERO, announced a new patent for technology to anchor traditional trading systems to public blockchains

Overstock’s tZERO Subsidiary Rolls Out Android Version of Crypto App

Overstock’s tZERO Subsidiary Rolls Out Android Version of Crypto App

Overstock’s digital currency arm tZERO has released an Android version of its recently launched cryptocurrency mobile application

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Overstock’s digital currency arm tZERO has released an Android version of its recently launched cryptocurrency mobile application, according to a press release published on July 25.

Initially, the tZERO Crypto App rolled out in late June supporting two major coins Bitcoin (BTC) and Ether (ETH), and claiming to be hack-resistant solution for trading and storing cryptocurrencies. The launch of the digital wallet and exchange services app for crypto was coupled with the release of its iOS version.

Per the recent announcement, tZERO utilizes biometric authentication for additional security and also enables investors to use a unique private key recovery system to restore their funds and coins in the event they lose their private keys. TZERO CEO Saum Noursalehi said:

“We are excited to bring our platform to Android users, which we believe will significantly expand our user-base. The accessibility of the tZERO Crypto App is critical in our plan to provide an intuitive trading experience for all digital assets.”

Recently, tZERO appointed three new managers, including Brooke Navarro, Michael Mougias and Alexandra Sotiropoulos, who are now the firm’s head of issuance, head of investor relations and head of communications, respectively.

Earlier in July, tZERO partnered with the producers of a gaming biopic in development — “Atari: Fistful of Quarters” — to tokenize the film. The token is called “Bushnell” and token owners will become shareholders of the project and receive a portion of the movie’s profits as such. Token holders will also apparently be able to vote on the movie trailer and have influence over which actors are hired.


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Overstock’s digital currency arm tZERO has released an Android version of its recently launched cryptocurrency mobile application

Overstock Subsidiary and Tokenization Firm tZERO Announces New Management

Overstock Subsidiary and Tokenization Firm tZERO Announces New Management

Blockchain and cryptocurrency company tZERO has announced three new executives for issuance, investor relations and communications

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The blockchain-based subsidiary of retail giant Overstock,  tZERO, has appointed three new managers. The company announced the new hires in a press release on July 17.

According to the announcement, new appointees Brooke Navarro, Michael Mougias and Alexandra Sotiropoulos have been official managers since July 15. TZero states that these new executives are the firms head of issuance, head of investor relations and head of communications, respectively.

The CEO of tZERO, Saum Noursalehi, remarked on the intended role for these new hires, saying:

“On the issuance front, Brooke will drive strategic development of our security token ecosystem by focusing on the supply-side of the equation — working with issuers to bring more quality assets to the PRO Securities ATS. Mike and Alex will spearhead our efforts to continue to develop strategic market positioning for tZERO and engage with current and prospective investors, analysts, media and other tZERO stakeholders.”

Brooke Navarro will coordinate with regulated broker-dealer affiliates and partners to seek out companies interested in a token offering or otherwise tokenizing existing capital tables. Navarro is also going to be in charge of pursuing strategic partnerships in order to drive adoption of tZERO’s technology.

Navarro was formerly a managing director in investment banking at Barclays as a leader in the company’s technology, media and telecom equity capital markets team. Navarro reportedly acted as an advisor to Barclays clients for initial public offerings, follow-ons, convertibles and private placements.

As previously reported by Cointelegraph, tZERO partnered with the producers of a gaming biopic in development — “Atari: Fistful of Quarters” — to tokenize the film. The token is called “Bushnell” and token owners will become shareholders of the project, and receive a portion of the movie’s profits as such. Token holders will also apparently be able to vote on the movie trailer and have influence over which actors are hired.


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Blockchain and cryptocurrency company tZERO has announced three new executives for issuance, investor relations and communications

Overstock’s tZERO Tokenizes Upcoming ‘Atari: Fistful of Quarters’ Movie

Overstock’s tZERO Tokenizes Upcoming ‘Atari: Fistful of Quarters’ Movie

tZERO plans to develop a token for the upcoming “Atari: Fistful of Quarters” motion picture

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tZERO, the cryptocurrency wing of American retail giant Overstock, will tokenize forthcoming motion picture “Atari: Fistful of Quarters,” according to a press release published on July 9.

Per the release, tZERO has partnered with the upcoming movie’s producers to develop a token dubbed “Bushnell,” which will be sold by the film production and financing company Vision Tree. Token owners will purportedly get shares of movie earnings, and receive additional benefits, including the ability to vote on the movie’s trailer and make a point of choosing the movie cast.

The upcoming movie is a biopic about Nolan Bushnell, an American businessman and engineer often cited as the father of the video game industry. Bushnell also founded computer and video game console manufacturer, the Atari Corporation. Patrick Byrne, chief executive officer of Overstock, said:

„We have been looking for the team to crack the code for Hollywood and bring much needed transparency and accountability to an industry that has been historically resistant to change. This is an extremely impressive team and we are thrilled to bring the tZERO tech stack to the movie industry.”

The project claims to be the first implementation of blockchain technology to fund a film, although news broke recently that Brazil’s National Bank for Economic and Social Development plans to finance the production of a documentary in collaboration with Brazilian cinema producer Elo Company, whose movie “The Boy and the World” by Alê Abreu was nominated for an Oscar in 2016.

Back in 2017, Cointelegraph reported on 21MCoin, which is a copyright token that entitles the owner to a share of the copyright and thus to royalties and other benefits for perpetuity. 21Million tokens are used to support a business in which all staff, cast and crew get paid the same which makes production budgets go much further, with more content bang for the buck – stripping out middlemen fees just for being there.


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tZERO plans to develop a token for the upcoming “Atari: Fistful of Quarters” motion picture

Overstock’s tZero Launches Mobile Crypto App Touted as Hack-Resistant

Overstock’s tZero Launches Mobile Crypto App Touted as Hack-Resistant

Overstock’s crypto subsidiary tZero officially launched its mobile crypto app, touting it as a hack-resistant wallet and exchange tool

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tZero, United States retail giant Overstock’s crypto subsidiary, has launched a digital wallet and exchange app for crypto, the company officially announced in a tweet on June 27.

The firm calls its new mobile crypto app a hack-resistant solution for trading and storing cryptocurrencies, tZero CEO Saum Noursalehi said in a press release to Reuters.

Noursalehi explained that the application will store private keys directly on users’ smartphones, which is expected to provide maximum security, in contrast to “more vulnerable, third-party exchanges for custody.” Moreover, tZero’s private key recovery system will allow users to restore their funds in case if they lose their private keys or a mobile device, the press release notes.

Initially supporting two major cryptocurrencies such as bitcoin (BTC) and ether (ETH), tZero hopes its crypto app will become the “foundation of trading all digital assets for tZero, whether it’s art, real estate, or private companies,” Noursalehi stated in the announcement.

The news comes on the heels of tZero’s funding round of $5 million from Chinese investment firm GSR Capital in May. The investment accounted for about 2% of the originally projected investment of $404 million from GSR Capital and Singaporean private equity firm Makara Capital.

Most recently, another Overstock’s subsidiary, Medici Land Governance, signed a memorandum of understanding with Liberia to help the African nation digitize government services.


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Overstock’s crypto subsidiary tZero officially launched its mobile crypto app, touting it as a hack-resistant wallet and exchange tool

Overstock CEO Praises tZERO Blockchain Platform in Q4 Earnings Report

Overstock CEO Praises tZERO Blockchain Platform in Q4 Earnings Report

Q4 earnings need improvement, Overstock CEO says while championing blockchain offering

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Canadian online retailer Overstock.com said it would counter its significant losses for 2018 with a return to profits this year in its Q4 earnings report released on March 18.

Overstock, which is famous as being one of the first major retailers to accept Bitcoin (BTC), saw profitability dive through last year as a result of a change of strategy, something CEO Patrick Byrne says he will now reverse.

“Our retail arm lost money last year because I gunned things in an attempt to create a conventional high-growth/money losing e-commerce business, but the losses were nauseating and we reverted back to the philosophy of profitability on which we built Overstock,” he wrote in a letter to shareholders. Byrne added:

“As a result, in 2019 Retail will return to profitability, generating a positive operating cash flow ≥ $10M.”

As part of the Q4 breakdown, Byrne drew specific attention to Overstock’s tZERO cryptocurrency token platform, which launched in January.

Pre-tax losses for tZERO were $12.6 million in Q4, but the potential of the new platform has Byrne unruffled by the figures.

“Our blockchain projects are some of the most significant and cutting edge in the world, and we are just reaching the point where our products are being introduced to the public. In particular, tZERO brought live a security token trading platform,” he added in the shareholder letter.

Earlier in March, tZERO’s major backers announced they were significantly cutting investment in the project.

Q4 nonetheless delivered total profits in excess of $80 million, with Overstock appearing to broadly insulate itself from the cryptocurrency market downturn which accelerated during that period.

As Cointelegraph reported, mining entities in particular bore the brunt of Bitcoin’s price drop from around $6,500 to $3,100 in November, with hardware manufacturer Nvidia’s earnings report painting a decidedly mixed picture.


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Q4 earnings need improvement, Overstock CEO says while championing blockchain offering

Overstock’s tZERO Security Token Platform Begins Live Trading

Overstock’s tZERO Security Token Platform Begins Live Trading

tZERO, e-commerce giant Overstock.com’s security token platform, has begun trading

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E-commerce giant Overstock.com’s cryptocurrency subsidiary tZERO announced that secondary trading of tZERO tokens is now live, according to a press release published Jan. 24.

Per the release, accredited investors can trade the security tokens through a digital securities brokerage account at Dinosaur Financial Group, which will act as a broker-dealer. Dinosaur partnered with tZERO subsidiary PRO Securities, which provides an alternative trading system for secondary trading of tZERO security tokens. CEO of tZERO Saum Noursalehi said:

“The world of security tokens has lacked a regulated venue for secondary trading. The trading of our own security tokens is the crossing of the Rubicon for the new world of digital assets. This will create liquidity, democratize access, bring transparency and efficiency to global markets and accelerate the adoption of security tokens.”

In April 2018, tZERO introduced the prototype of the securities trading platform. According to Overstock’s CEO Patrick Byrne, the prototype intended to „get an idea of the breadth” of what tZERO planned to offer.

The firm completed its security token offering (STO) in August 2018, raising $134 million from over 1,000 global investors. The company initially introduced the STO in the form of an initial coin offering (ICO) in December 2017, having attracted strong crypto and traditional institutional interest.

In March, tZERO’s ICO fell under scrutiny from the United States Securities and Exchange Commission, causing Overstock’s share price to drop. Overstock had previously filed for its ICO to be classified under Regulations D and S instead of as a traditional securities filing.

Earlier this month, tZERO filed a patent for a “crypto integration platform” for trading digital assets. The patent filing describes a system that would be able to receive orders to trade “digital transactional items” from broker-dealers and then translate the orders into crypto orders on a digital exchange. Such items include securities, tokens, digital shares, cash equivalents and digital assets.


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tZERO, e-commerce giant Overstock.com’s security token platform, has begun trading

Overstock’s tZERO Receives Patent for ‘Crypto Integration Platform’

Overstock’s tZERO Receives Patent for ‘Crypto Integration Platform’

Overstock’s crypto subsidiary tZERO wins a patent for a platform to interface between crypto exchanges and legacy trading systems

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E-commerce giant Overstock.com’s cryptocurrency subsidiary tZERO has filed a patent for a “crypto integration platform” for trading digital assets. The patent was published by the United States Patent and Trademark Office on Jan. 1.

The patent filing describes a system that would be able to receive orders to trade “digital transactional items” — such as securities, tokens, digital shares, cash equivalents and digital assets — from broker-dealers and then translate the orders into crypto orders on a digital exchange. The platform reportedly aggregates various market data from cryptocurrency exchanges and “locate[s] the best price in the crypto market for the digital asset or liability involved in the transaction.”

Before matching orders, the system purportedly secures the digital transaction items to be traded and cryptographically signs the transactions, as the filing describes. The system subsequently verifies the availability of the funds and digital assets, and clears and settles the transaction.

The platform reportedly serves as a bridge between legacy trading systems and crypto exchanges, the filing stating:

“The Crypto Integration Platform provides, among other things, an interface between legacy trading systems and crypto exchanges that trade digital transactional items. In doing so, the Crypto Integration Platform takes a protocol for trading and communication between broker-dealers, Alternative Trading Systems („ATS“), and exchanges, and transforms the message so that the trade can be consummated using cryptographic techniques.”

The platform reportedly uses blockchain technology to verify ownership and availability of the digital transactional items, the patent filing also notes. The filing further explains that the platform can be used to conduct initial public offerings and other offerings of securities that are registered U.S. Securities and Exchange Commission (SEC), “and by the general public to trade those securities in secondary market transactions.”

As Cointelegraph reported in December, tZERO was contracted by private equity firm GSR Capital to develop a smart contract token for the sale of cobalt, expected to launch in 2019.

Recently, Overstock announced it will pay part of its business taxes in the state of Ohio using Bitcoin (BTC) via the cryptocurrency taxpayer platform, OhioCrypto.com. The company’s CEO and founder Patrick Byrne said the move is „the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy.“


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Overstock’s crypto subsidiary tZERO wins a patent for a platform to interface between crypto exchanges and legacy trading systems

Overstock Subsidiary tZERO to Develop Smart Contract Token for Rare Metals Sale

Overstock Subsidiary tZERO to Develop Smart Contract Token for Rare Metals Sale

Overstock.com subsidiary tZERO will build a smart contract token for a sale of cobalt, which is expected to launch in 2019

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Private equity firm GSR Capital has contracted Overstock.com Inc.’s subsidiary tZERO Group Inc. to develop a smart contract token for a sale of cobalt, according to a press release published Dec. 17.

tZERO and Hong Kong-based GRS Capital’s partnership is focused on developing an ecosystem in Asia for tokenized commodity purchase contracts that would purportedly improve the supply chain process of rare metals. Additionally, the parties are looking to launch a security token platform in the region, following compliance with relevant regulatory requirements.

Per the release, the token will be used for a sale of cobalt, and is expected to launch in 2019. The “first-of-its-kind cobalt offering” will include recurring tranches of electric vehicle battery-grade cobalt, with up to $200 million of the material to be available for sale.

Patrick Byrne, the Overstock CEO and tZERO executive chairman, stated that “smart contract automation of these transactions will significantly reduce overall costs while effectively improving transparency in rare earth metals purchases.” However, in order to complete the project the companies are delaying a previously announced equity investment until the end of February, 2019.

In August, Overstock and tZERO signed term sheets with GRS Capital to invest up to $374.55 million in exchange for common equity in tZERO and common equity in Overstock.com. Apart from that, GSR Capital will reportedly purchase $30 million in tZERO Security Tokens from Overstock.

In a letter to GRS Capital stock holders released on Dec. 16, Overstock notes that GRS Capital has signed a retainer agreement with tZERO that guarantees the cobalt offering is not delayed by the extension of the GRS Capital investment.

In late November, Byrne announced plans to reportedly sell his e-commerce business to fully devote the firm to blockchain projects. As reported by WSJ, Overstock’s blockchain-focused subsidiary Medici Ventures is the cause of visible losses for the company amounting to $22 million in 2017 and $39 million in the first nine months of 2018.


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Overstock.com subsidiary tZERO will build a smart contract token for a sale of cobalt, which is expected to launch in 2019