Overstock.com blockchain technology subsidiary tZERO’s anticipated token sale opened yesterday and has attracted strong cryptocurrency and also traditional institutional interest. Over $100 million USD in commitments from investors were received in the first 12 hours of the Simple Agreement for Future Tokens (SAFT).
In the time since announcing the first-of-its-kind preferred equity security token back in October, over 10,000 subscribers have registered for accreditation verification through Saftlaunch.com.
Being the first-ever preferred equity security token to be issued and traded, there are heightened regulatory, tax and compliance measures that must be diligently and meticulously completed. The tZERO security token is properly issued as a security.
One significant difference between ICO utility tokens issued by startups with no functional business and the tZERO security token is that the tZERO security token is being issued pursuant to a comprehensive offering memorandum, rather than with a white paper.
The features of the tZERO security token are those of a preferred equity security, including a token dividend paid of Adjusted Gross Revenue of tZERO. Additionally, the company intends to provide tZERO token holders discounts for trading on its ATS and additional rewards and discounted services across the Overstock portfolio of companies.
[perfectpullquote align=”full” bordertop=”false” cite=”Joe Cammarata, tZERO President” link=”” color=”” class=”” size=””]“Yesterday Overstock and tZERO made history once again in launching the first-of-its-kind preferred equity security token. This is a massive collaborative effort of our team and our advisors (including Alchemist, and RenGen) along with our outstanding legal, tax and compliance teams. We have received overwhelming interest from subscribers and are registering over 200 per hour, and in an abundance of caution to ensure the presale is conducted right, we experienced some minor delays. Today I am proud to announce that in under 12 hours, we have received commitments from accredited investors for over $100 million USD. We are working with world-class institutions as well as some of the world’s most sophisticated cryptocurrency investors, who demand excellence and this is what we are delivering. We expect accreditation verification to continue. Verified investors will receive their documents and SAFE agreements as the allocations are completed.”[/perfectpullquote]
