Overstock.com’s blockchain subsidiary tZERO starts $250M token sale

tZERO, the blockchain technology subsidiary of major e-retailer Overstock.com today opened its global $250 million USD Initial Coin Offering (ICO) to accredited investors.

During the period which commenced on December 18th, 2017, and which is anticipated to run through January 18th, 2018 (the Pre-Sale Period), tZERO will enter into Simple Agreements for Future Equity (SAFEs) with strategic purchasers identified by the company as accredited investors.

During the period which is expected to commence on January 18, 2018, and to run through February 16, 2018 (the Subsequent Sale Period), tZERO will enter into SAFEs with other accredited investors.

The Pre-Sale Period and the Subsequent Sale Period may each be extended or shortened by the company notifying purchasers.

Overstock CEO Patrick Byrne said:

“Overstock is proud to be the market-leading enterprise embracing the crypto-revolution. Recognizing the blockchain technology-driven transformation and disruption already underway across numerous industries, Overstock today opens the tZERO ICO. 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 CEO Joe Cammarata added:

“For the last two years it has been exciting to continuously innovate and disrupt a financial market ecosystem that is ripe for improvement. 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.”

Steven Nerayoff, Alchemist Founder and architect of the Ethereum ICO, amongst others, said:

“tZERO’s ICO represents a watershed moment in the financial blockchain revolution. It’s backed by an all-star team of crypto and business pioneers. What makes tZERO a game changer is the team’s unique ability to fuse the traditional finance world with the bold, innovative crypto community. Alchemist is delighted to offer tZERO its extensive experience in counseling some of the most successful crowdsales in history on strategy, token economics, and compliance-related guidance.”