• tZERO Crypto exchange, which is majority owned by Overstock, will be shutting down on March 6.
• tZERO facilitates securities offerings for private companies that want to go public and offers tokenized shares or “digital securities”.
• The company has stated that it will focus on its regulated securities products following the shutdown.
tZERO Crypto Exchange To Shut Down On March 6th
The tZERO Crypto exchange, whose majority owner is Overstock, will shut down on March 6th as announced via Twitter on Feb. 3rd. The company says that it will continue to focus on its regulated securities products after the shutdown as the United States Securities and Exchange Commission (SEC) and other regulators clarify the legal status of crypto assets.
Headquartered in New York, tZERO is a financial technology company that facilitates securities offerings for private companies that want to go public. In the crypto community, tZERO is most well known for offering tokenized shares or “digital securities”, which can be traded on a blockchain. Online retailer Overstock owns approximately 55% of tZERO according to their Aug 26th press release in 2022.
tZero’s Launch Of Traditional Crypto Exchange
In 2019, tZERO launched a traditional crypto exchange called “tZERO Crypto” which allowed users to buy, sell and hold Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and other cryptocurrencies. However in the announcement this February 3rd ,the company confirmed it would wind down the exchange on March 6th .
Orderly Withdrawal Of Assets By Customers
In order to ensure an orderly withdrawal of assets by customers from tZero’s exchange they have informed them they will ceasing operations on March 6th and these assets currently held by custodians until further notice.
Focus On Regulated Securities Products
After shutting down their traditional crypto exchange ,tZero has stated they are going to shift their focus onto their regulated securities products instead as US regulators continue to clarify legal status regarding crypto assets across the nation