Cobalt on the Blockchain: Overstock-daughter tZERO developed Token for rare earths

the The tZERO Group will develop on behalf of the Chinese GSR Capital, a Blockchain-based solution for the trade with cobalt. The Overstock daughter tZERO and the investment company GSR want to create in Asia an Ecosystem for tokenized raw materials.

By Christopher clover
20. December 2018ShareFacebookTwitterLinkedInxingemail

Cobalt is coming to the Blockchain – at least when it comes to the Overstock-daughter tZERO. On behalf of the Chinese investment firm GSC Capital tZERO is working on a Smart Contract solution, which allows the trade of the tokenized Assets. This Cobalt is the first to be Well, that via a Smart Contract is issued. In addition, the two companies plan the creation of an Ecosystem for the tokenized raw material trade in the Asian region. Also, you are toying with the establishment of a platform for Security tokens – the hobby-horse of tZERO.

in addition to tZERO and GSR yet another, unnamed Partner to be of the party:

"another important Partner in this project, the company, the deadline for the completion of its previously announced capital investment of up to 28. February 2019 extend“,

it is in one on 17. December published a joint press release of the company.

Overstock-CEO, tZERO, Chairman of the Board and Blockchain Enthusiast Patrick M. Byrne sees the Blockchain technology is the future for the commodity trading:

"A Smart Contract Automation of these transactions is to reduce the total cost significantly and at the same time, transparency in the procurement of Rare earth Metals along the entire supply chain effectively improve. We look forward to the future of the purchasing of Raw materials to the global market.“

Blockchain-COP Byrne

it was Only in November, Byrne had betrayed the Wall Street Journal that Overstock would in the future rely completely on the Blockchain. The company wants to give up the retail business in the coming year – probably because the competition is in the Form of Amazon to be far superior. With Medici Overstock has a venture capital subsidiary, which makes targeted investments in DLT-sector. So far, with little success: Medici has generated in the year 2017, a loss of $ 22 million. The first nine months of this year, except for Medici with a loss of 39 million dollars is even worse.

However, Byrne keeps to the strategy as tightly as to his Belief in the Blockchain technology. Byrne thinks in the long term, and the current loss of Medicis, not out of the upset.