It has been reported by local tech news agency Silicon Republic that the company is seeking to hire software, developers, and engineers to work on its blockchain and security token subsidiary tZero.
However, the new hires for tZero are part of a new team at Overstock’s headquarters in Sligo in western Ireland, as the online retail company already employs 90 people working in AI, research and development, and machine learning.
John Forde, the Senior Development Manager at Overstock, said that tZero operates in a “fast-growing digital securities market.”
“It is an exciting time for Overstock Ireland to be working with tZero to expand into this area. It provides diversity in terms of both technology and business domain and enables us to provide exciting and challenging roles here in the northwest.”
Likewise, according to Overstock’s Q3 2020 earnings report, tZero increased its revenue by 97% year-on-year to $11.1 million in the first quarter of 2020.
U.S. retail giant @Overstock is reportedly hiring software developers for its #crypto subsidiary @tZERO in Ireland https://t.co/itpay8MiHg — Cointelegraph (@Cointelegraph) November 10, 2020
tZero was still unprofitable by losing $12.3 million in Q3. Overstock was one of the first major mainstream companies to announce Bitcoin (BTC) support.
Thus, after launching the tZero security token exchange in late 2016, Overstock also completed a $134 million initial coin offering for tZero in August 2018.