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tZERO, BOX Digital to launch regulated security token exchange

Tony Zerucha

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  • BOX Digital CEO/BOX Options Exchange president Lisa Fall to serve as CEO
  • tZERO contributes cash, technology
  • BOX Digital operates new market, will pursue SEC approval

 

Overstock.com (NASDAQ:OSTK, OTCQX: OSTBP) subsidiary tZERO and BOX Digital today announced a joint venture to launch a regulated security token exchange.

tZERO develops and commercializes blockchain-based technologies focusing on capital markets. BOX Digital develops markets for trading digital assets in a regulated market. It is a wholly-owned subsidiary of BOX Holdings Group, LLC, which operates BOX Market, an equity options marketplace.

The two companies signed a letter of intent on May 18 to form an exchange which will list and publicly trade security tokens for companies either issuing or converting existing stock to security tokens. The exchange will be equally owned by both companies. Board representation will be equally shared, with one additional representative mutually agreed upon. BOX Digital CEO and BOX Options Exchange LLC president Lisa Fall will serve as CEO of the joint venture.

Lisa Fall

“tZERO has proven to be a pioneer in the development and practical use of  blockchain technologies for capital markets for a number of years,” Ms. Fall said. “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 contributes cash and licensed its blockchain technology to operate the market. BOX Digital personnel will operate the new security token market and pursue SEC regulatory approval, which will be pursued following execution of definitive documentation.

“Our partnership with BOX Digital Markets is a significant milestone that will create the first SEC-regulated exchange designed to efficiently trade crypto securities,” tZERO CEO Saum Noursalehi said. “Lisa Fall’s leadership, reputation and deep experience in the regulated securities exchange industry will be a major asset in achieving this objective.

“Together we will continue to work with the SEC as we develop a first-of-its-kind platform that will integrate blockchain capital markets into the current U.S. National Market System.”

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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