tZERO andHong Kong-based GRS Capital’s partnership is focused on developing an ecosystem inAsiafor tokenized commodity purchase contracts that would purportedly improve the supply chain process of rare metals. Additionally, the parties are looking to launch a securitytoken platform in the region, following compliance with relevant regulatory requirements.
Per the release, the token will be used for a sale of cobalt, and is expected to launch in 2019. The “first-of-its-kind cobalt offering” will include recurring tranches of electric vehicle battery-grade cobalt, with up to $200 million of the material to be available for sale.
Patrick Byrne, the Overstock CEO and tZERO executive chairman:
“smart contract automation of these transactions will significantly reduce overall costs while effectively improving transparency in rare earth metals purchases.”
However, in order to complete the project the companies are delaying apreviously announced equity investment until the end of February, 2019.
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