Overstock’s Subsidiary tZERO Launches its Second Digital Security OSTKO
- It is being reported that Dinosaur Financial Group will serve as the broker-dealer for this entire setup.
- Only those users possessing a securities brokerage account with Dinosaur will have the option to facilitate/execute trades.
A spokesperson for tZERO — a US-based blockchain firm — recently announced his company’s decision to release its second security offering called the ‘Digital Voting Series A-1 Preferred Stock’ on its SEC registered trading system (PRO Securities ATS).
The aforementioned offering has been listed as OSTKO and has been made available on a ‘non-exchange venue’ that has been bolstered by support from tZERO’s security token trading technology.
In regards to this entire development, Saum Noursalehi — CEO of tZERO — was quoted as saying:
“This is a key step in the drive to attract additional assets, such as private companies, real estate, debt instruments, and commodities,”
- All issues related to clearing and custody will be handled by a firm called ETC (Electronic Transaction Clearing).
- Similarly, the transfer agent for the entire project is Computershare.
In closing out this piece, it should be pointed out that Overstock — tZERO’s parent company — was the first mainstream financial entity to issue a SEC-registered digital security (back in 2016)