Patrick Byrne, the CEO of Overstock, predicts a market boost for its security trading platform tZERO lies just around the corner.
Byrne, in an interview, said that he anticipated volumes to soar after the year-long lock-up period for the tZERO Preferred token ends in August, and the platform starts for retail investors to register as well as trade. At press time, only accredited investors can do that.
By far, the regular volume on the platform has been fluctuating between 7,000 to 30,000 units of TZROP.
Byrne has plans for additional updates which will help boost the liquidity on the exchange, first envisioned in 2014 as a sort of alternative stock market and now felt as an alternative trading system for cryptocurrency tokens.
Particularly, tZERO is also finding to get more broker-dealers to work with, other than Dinosaur Financial Group, that maintains the trading exclusively now.
Overstock CEO said –
“I’m looking forward to you writing, ‘they’ve gone from 30,000 tokens to 300,000 tokens a day.”
Though, tZERO will need to get approvals for each one with the US Securities and Exchange Commission for introducing new broker-dealers.
Byrne told –
“FINRA and SEC made it clear that they want to see this work with one broker. We’re into an incremental disruption, not like you millennials that want everything burned down tomorrow.”
tZERO is led by a former executive of the Overstock-Medici team, CEO Saum Noursalehi, who was once the president of Overstock, and the president Steven Hopkins, who was Medici’s general counsel as well as COO.
Medici’s team is actively involved in helping the portfolio firms aiming to strengthen the weak parts as well as leading its staff when needed.
For instance, Medici’s developer team has been helping a few startups with technical expertise, while different specialists assisted to build business operations.
Byrne further explained –
“At Medici, there are different kinds of talent, and we’re pushing it to the companies as they need it. A lot of these companies are young kids with an idea and maybe some money, but not much more. And they haven’t built a company: they don’t have lawyers, HR people, they might not even have senior engineers.”
Leave a Comment