Overstock’s tZero, a blockchain-based exchange, has recently launched a digital wallet and exchange app for crypto. Kiana Danial, CEO of Invest Diva, sat down with tZero CEO, Saum Noursalehi to see how tZero is aiming to be the next generation capital markets. With a tech background and a degree in Computer Science, Saum Noursalehi started as a Software Developer at Overstock.com back in 2005 and over the years would climb the ranks until he became President in 2016.
Overstock’s tZero Follows the Path of its Parent Company
Overstock.com (Nasdaq: OSTK) was one of the first companies to accept crypto as a currency.
The company got a lot of exposure when they first integrated bitcoin as payment. Saum says he was interested in AI and blockchain, but really thought he would move towards AI. With the current trend in crypto Saum was given an opportunity to run a new project that would later call itself the global leader in blockchain innovations, he couldn’t pass that up. With Saum as the CEO, the Founder of Overstock would go on to also found tZero in 2018.
tZero spent last year working on getting its platform built and will spend this year getting quality tokens and/or assets trading on the platform. Saum says they have some strong deals in the pipeline, but don’t see cryptocurrencies as their main event. Blockchain-based securities will be a focus with any asset that qualifies as securities welcomed. Blockchain technology is still relatively in its early stages, the infrastructure is getting stronger, and Saum says it’s ripe to disrupt a lot of markets.
Overstock.com’s Stock (OSTK) Took a Hit in “Crypto Winter”
Being one of the first retail companies to accept cryptocurrencies as a payment, Overstock.com’s stock greatly appreciated during the crypto bubble of 2017.
However, it took a hit from two directions later on. First, its competitor, Amazon, took no prisoners in the retail category. Then, the burst of the Bitcoin bubble took any advantages away from Overstock.com. But now, it seems like things may be changing.
After Overstock’s tZero announced the launch of its new crypto wallet and exchange, Overstock.com’s shares finally broke above the daily Ichimoku Cloud. The future cloud is bullish and technical analysis is indicating a bullish reversal Saucer Bottom chart pattern. For more on Ichimoku strategy development, don’t forget to grab the PDF version of my book, Ichimoku Secrets.
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Overstock’s tZero Coming To IOS & Android Soon
With tZero ready to launch its IOS and Android apps soon, Saum shares his favorite cryptocurrency: Ravencoin. He says that since it was built on top of bitcoin it has all of the same benefits and security. Beyond that, Saum likes that it allows you to create digital assets quickly on blockchain and that it has ASIC-resistance. No wonder it is the hottest and fastest-growing crypto right now.
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This brings me back to you. What are your thoughts on Overstock’s tZero? Do you think OSTK is a good buy right now? After you subscribed, head over to the comment section, give me a shoutout and let me know.
Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.