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Overstock’s blockchain subsidiary tZERO launches security token sale
Online retail giant Overstock.com’s blockchain subsidiary tZERO on Monday commenced its much anticipated $250 million Initial Coin Offering (ICO) to accredited investors.
During the pre-sale period – starting December 18, 2017 and expected to run through January 18, 2018 – tZERO will enter into Simple Agreements for Future Equity (SAFEs) with strategic purchasers identified as accredited investors. In the Subsequent Sale Period – starting January 18, 2018 and anticipated to run through February 16, 2018 – tZERO will enter into SAFEs with other accredited investors.
“Overstock is proud to be the market-leading enterprise embracing the cryptorevolution. Recognizing the blockchain technology-driven transformation and disruption already underway across numerous industries, Overstock today opens the tZERO ICO,” Overstock CEO Patrick Byrne said. “Beginning with the ‘pre-sale’ round, I am confident that prominent investors from around the globe will propel tZERO toward achieving its mission of bringing greater efficiency and transparency to capital markets.”
tZERO will treat the tokens as preferred equity in the company.
“With this first ever regulated security token, we are entering a new world of capital formation that I believe will become Wall Street 2.0,” tZERO CEO Joe Cammarata added.