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tZERO is distributing Security Token to Investors

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Overstock's portfolio company, tZERO has started giving investors the control of their tokens purchased during a completed sale by the firm in August last year. 

On Thursday, Saum Noursalehi, CEO of tZERO sent a letter to investors highlighting the first steps required to take full control of the tZERO security tokens.

Back then, a press statement revealed that, tZERO finalized the $134M offering in August, and in October, said that it had completed the issuance of the tokens, which were then secured in a custodial wallet till 10th of January 2019.

Noursalehi wrote:


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.


Also included in the letter is that, two alternatives are open to investors: Either they open a brokerage account with Dinosaur Financial Group (tZERO partner and broker dealer) or hold the tokens in a private wallet.

The firm said:


If you initially choose to hold your security tokens in your personal wallet, you may later move your tokens into a digital securities brokerage account you open up with Dinosaur.


What we are yet to know is the exact time tZERO will commence trading the security token on its platform. tZERO informed investors to look out for another tZERO update regarding the commencement of security token trading.

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