- The online retailer Overstock controls around 55% of the firm.
- The business has scheduled the closure for March 6 for coordinated withdrawal of assets.
Overstock has a significant stake in the tZERO Crypto exchange, which will close on March 6 according to a tweet from the exchange on February 3. While the United States Securities and Exchange Commission (SEC) and other authorities determine the legal status of crypto assets. The business said it will continue to concentrate on its regulated securities products after the closure.
To put it simply, tZERO is a New York–based fintech firm. Moreover, it makes it easier for privately held businesses to launch public stock offerings. Tokenized shares, sometimes known as “digital securities,” are tZERO’s claim to fame in the cryptocurrency industry. According to a press statement issued by tZERO on August 26th, the online retailer Overstock controls around 55% of the firm.
Closure Set For March 6
To facilitate the purchase, sale, and storage of Bitcoin, Ether, Litecoin, and other cryptocurrencies, tZERO created a conventional crypto exchange in 2019 under the name tZERO Crypto. However, the organization announced in a Feb. 3 notice that the exchange will be shut down as of March 6.
In the announcement, tZERO stated:
“We believe that many digital assets would be treated as securities and trade in a regulated ecosystem.”
For the coordinated withdrawal of assets by the clients, which continue to be held by the custodian. The business has scheduled the closure for March 6. No information was provided as to whether the suspension of tZERO Crypto will also impact security tokens traded on the tZERO ATS stock market.
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