English
Menu

OddsShark Top Sportsbooks

Overstock Platform tZERO Announces Debut ICO For November

Overstock’s alternative trading platform tZERO will debut with the company’s own initial coin offering in November, according to reports emerging from the company this week.

Unveiled at the Money2020 conference in Las Vegas, the tZERO token sale will be delivered via Simple Agreements for Future Tokens, or SAFTs, which have previously been used in successful ICOs like the filecoin listing, which raised over $200 million.

The new tZERO token, once launched, will be officially traded through the tZERO platform, which was set up by the company’s blockchain arm to offer a regulated, compliant market for ICOs and token transactions.

Patrick Byrne, the firm’s CEO, sounded a positive note on the planned ICO, which will become the first to debut on the new tZERO alternative trading system, or ATS.

“While many doubted, the tZERO team worked hard to be at the tip of the spear in creating and launching credible, capable and institutionally scalable blockchain technologies for crypto assets. Today those efforts are attracting interest from both the crypto community and the largest global institutional funds.”

Initial projections around the sale suggest as much as $500 million could be raised, with the tZERO token ultimately finding its application in financing payments through the tZERO platform.

As such, the ICO will be regarded as a vote of confidence from investors on the new tZERO model, which looks set to become the first mover in the emerging market for regulated token exchanges.

The tZERO platform was announced shortly after the U.S. Securities and Exchange Commission declared that some ICOs were in fact legally a form of securities and should be regulated accordingly.

By providing an exchange platform that is already compliant with SEC requirements, the tZERO infrastructure will be the first of its kind to marry previously unregulated ICOs with a compliant market environment.

The token will launch initially on November 15, and will run as a private sale for the first time until the end of the year. All proceeds raised from the sale will be used to fund the development of the company’s technology, as well as to bolster the strength of their compliance team as the company moves to consolidate its position as the world’s first and leading regulated ICO exchange.

Comments