GSR Capital Engages tZERO to Develop Commodity Contract Token
Overstock.com, Inc. (OSTK)
Last overstock.com, inc. earnings: 11/12 08:00 am
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Source: GlobeNewswire
SALT LAKE CITY, Dec. 17, 2018 (GLOBE NEWSWIRE) -- Overstock.com, Inc. (NASDAQ:OSTK) and its subsidiary tZERO Group, Inc., the global leader in blockchain innovation for capital markets, announced today that Hong Kong-based private equity firm GSR Capital has retained tZERO to develop a smart contract token that will be utilized for an upcoming sale of cobalt. Subject to compliance with applicable regulatory requirements, the sale is expected to offer recurring tranches of electric vehicle (EV) battery-grade cobalt, with up to $200 million of the material projected to be available for sale in 2019, with more planned for 2020. tZERO and GSR Capital intend to build an ecosystem in Asia for tokenized commodity purchase contracts that would simplify the process of identifying, purchasing and tracking the supply of rare minerals. The companies also envision adding a security token trading platform in the region, subject to compliance with applicable regulatory requirements. To accommoda
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