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Blockchain startup tZERO inks letter of intent for $160M security token investment
Online retail giant Overstock.com’s blockchain subsidiary tZERO has signed a letter of intent with GSR Capital for a purchase of $160 million in tZERO Security Tokens.
The announcement follows tZERO’s joint venture with BOX digital Markets aimed at launching a regulated security token exchange, which will be funded by a portion of the tZERO’s Security Token Offering (STO) investments.
According to the official release, Beijng-based GSR Capital will purchase the tZERO security tokens at a price of $10.00 per token, pursuant to the Simple Agreement for Future Equity (SAFE). To accommodate this investment, tZERO’s STO has been extended until August 6, 2018.
In addition, tZERO has entered into executed SAFEs in excess of $168 million for Security Tokens, of which over $95 million has been already funded. Holders of unfunded SAFEs will be able to fund those SAFEs on a first-come, first-serve basis until the STO is completed. Approximately 1,000 people from 30 countries participated in the token sale.
“We are overwhelmed by the support we have received from all of our investors, and thrilled to have GSR on our team as we seek to launch the world’s first security token exchange. This investment from GSR further validates tZERO’s strategy to introduce blockchain to capital markets, and this partnership will accelerate our global expansion efforts,” tZERO CEO Saum Noursalehi said.