Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Blockchain startup tZero raises $134M in security token offering

Overstock.com blockchain subsidiary tZERO has raised $134 million in its security token offering (STO), the company revealed in its Q2 2018 results.

tZERO commenced the token sale late last year, seeking to raise $250 million. It extended the STO to August 6th to accommodate an investment from Hong Kong-based private equity firm GSR Capital.

In June, tZERO signed a letter of intent with GSR Capital for a purchase of $160 million in tZERO Security Tokens.

According to the latest announcement, the $134 million raise “includes $30 million from repayment of intercompany debt between tZERO and Overstock: GSR has signed a repurchase agreement to acquire these tokens.”

In a separate announcement, Overstock said that GSR Capital will be investing over $400 million in both tZero and Overstock. This includes $270 million investment in tZERO equity at a $1.5 billion post-money valuation and around $104 million in common equity in Overstock.com. In addition, GSR Capital will purchase $30 million in tZERO Security Tokens from Overstock.

tZERO CEO Saum Noursalehi said that the company, along with the partners, will work towards globalizing its “blockchain-based platform, bringing more efficiency, liquidity, and trust to capital markets.”

“GSR Capital has the prescience to understand the disruptive power of blockchain capital markets,” said Patrick M. Byrne, founder and Chairman of tZERO, and founder and CEO of parent company Overstock.com. “They are aligned with our vision for the future of capital markets built upon the speed, trust, and security of the blockchain. And most importantly, they think big, and want to help us scale this vision globally as quickly as possible.”

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

May 24 19:00 UTC Released

USCattle Marketed

Actual

106.9 %

Forecast

106.6 %

Previous

97 %

May 24 19:00 UTC Released

USCattle Placed On Fd

Actual

108.7 %

Forecast

113 %

Previous

105 %

January 31 00:00 UTC 690190690190m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 690190690190m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 702010702010m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 690190690190m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 702010702010m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 690190690190m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 690190690190m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 690190690190m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.