Overstock's crypto-focused arm, tZERO, announced it has significantly reduced expenses.
According to tZERO CEO Saum Noursalehi, the company's several leaders accepted cash salary reductions and received additional equity compensation due to the upcoming heavy build phase of development.
"I personally reduced my salary by 60%. Our board members are also now only compensated with equity. This underscores just how much I, and others, believe in our mission," Noursalehi added.
The company already accounts for approximately 95% of security token trade volume and 80% of total token dollar value.
Although the company initially prioritized its operations on tokenizing and trading high-quality securities across a variety of industries, tZERO CEO claims the time from signing a deal to trading is lengthy, as the company is reliant on the successful conclusion of the capital raise before tZERO can trade the asset.
Hence, from now on, the company will focus on two categories: existing digital securities and private companies, particularly those with numerous investors.
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In May, tZERO announced it is planning to roll out a broker dealer in the US during the second half of 2020.
Back then, Noursalehi said the company wants to boost the adoption of cryptocurrencies, security tokens and trading with a one-stop-shop. However, before this happens, the company must receive the corresponding license from the authorities.
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