Overstock’s tZERO Begins Distributing Its Security Token to Investors
Security token trading platform tZERO, a portfolio company of digital retailer Overstock, has begun the process of giving investors control of tokens bought during a sale the firm completed last August.
In a letter sent to investors late Thursday, tZERO CEO Saum Noursalehi outlined the first steps toward taking custody of the tZERO security tokens. TZERO wrapped up the $134 million offering in August, and in October said that it had completed the issuance of the tokens, which were then locked up in a custodial wallet until January 10, as outlined in a press statement at the time.
“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,” Noursalehi wrote. “Now that the three-month lock-up period has concluded, you must decide where to hold your security tokens.”