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Overstock Subsidiary Announces Joint Venture With BOX Digital Markets to Launch Security Token Exchange
May. 22, 2018 09:47AM PST
Blockchain Investing
Overstock (NASDAQ:OSTK)’s subsidiary tZero has announced that it and BOX Digital Markets have entered into a joint venture to launch the first security token exchange. As quoted in the press release: The proposed joint venture would be equally owned by tZERO and BOX Digital, with each having equal representation on the Board of Directors, together …
Overstock (NASDAQ:OSTK)’s subsidiary tZero has announced that it and BOX Digital Markets have entered into a joint venture to launch the first security token exchange.
As quoted in the press release:
The proposed joint venture would be equally owned by tZERO and BOX Digital, with each having equal representation on the Board of Directors, together with one mutually agreed upon independent director. Lisa Fall, who currently serves as CEO of BOX Digital and as president of BOX Options Exchange LLC, would be the CEO of the joint venture.
“tZERO has proven to be a pioneer in the development and practical use of blockchain technologies for capital markets for a number of years,” said Ms. Fall. “tZERO’s track record and accomplishments in this innovative area, coupled with BOX’s expertise in operating a highly efficient and transparent equity options marketplace, made partnering together an easy decision and we look forward to building a world-class platform for listing and trading security tokens.”
tZERO plans to contribute cash and license tZERO’s blockchain technology for operation of the security token market. BOX Digital will contribute expertise and personnel toward obtaining regulatory approval and operation of the security token market. Approval of the U.S. Securities and Exchange Commission will be sought following execution of definitive documentation. Creation of the joint venture is subject to definitive documentation and customary conditions.
