According to a recent press release, GRS Capital, a private equity firm, has partnered with tZERO Group, a subsidiary of, to develop smart contract tokens for a cobalt sale. GRS Capital and tZERO’s partnership is dedicated to developing an Asian ecosystem with tokenized purchase contracts that would improve the supply chain processing of rare, one-of-a-kind metals. In addition, both entities are planning to unveil a security token platform that will comply with regulatory requirements. After the token is released, it will be used as a sale for cobalt and will be launched in 2019. This cobalt offering is one of the first of its kind and will include battery-grade electric vehicle cobalt. Over $200 million dollars of this material will be sold. Patrick Byrne is the executive chairman of tZERO and the CEO of Overstock. He believes that automating these transactions will reduce costs over time while efficiently improving transparency in the purchase of rare earth metals. The only way the project can be completed, however, is to delay an equity investment that was previously announced to the end of February which is what the companies have decided to do. Back in August, tZERO and Overstock signed some term sheets with GRS Capital that allow both companies to invest up to $374.55 million dollars in exchange for common equity in both and tZERO. Otherwise, GRS Capital intends to give 30 million dollars to Overstock to purchase tZERO Security Tokens. A letter from Overstock to GRS Capital stockholders was sent on December 16th stating that they signed an agreement with tZERO to ensure that the cobalt offering isn’t delayed by an extension of the investment with GRS Capital. Byrne announced toward the end of November that he would sell his e-commerce company so that his firm could devote more time to blockchain projects. Medici Ventures, a blockchain-centered subsidiary, is to blame for the company’s losses which amounted to $22 million dollars in 2017 and $39 million dollars during the first nine months of this year.