The Hong Kong-based company GSR Capital invests $160 million to the subsidiary of the retail giant Overstock, a blockchain platform tZero. It is reported Bitcoinist.
tZero is a first of its kind regulated exchange for security tokens. According to representatives of Overstock, the upcoming launch of the innovative blockchain-a platform designed to give “efficiency and transparency” to the capital markets.
At the present time is the so-called Security Token Offering (STO) project tZero. According to the letter of intent, GSR Capital plans until August 6 to purchase tokens platform tZero in the amount of $160 million in round of private financing.
Currently, the tZERO tokens available to a limited number of accredited investors at a price of $10 per coin. According to representatives of data Overstock, tokencache was attended by about 1,000 buyers from 30 countries.
“I would like again to thank our strategic investors for their continuous support, as well as the command tZero for their ingenuity when creating a token with the characteristics of preference shares”, — said the Executive Director of Overstock Patrick Byrne.
GSR Capital — venture capital firm focused on investments in high-tech companies in the early stages of development. Have GSR has offices in Beijing, Hong Kong and the United States. In March, the company invested $500 million in National Electric Vehicle Sweden firm, which manufactures electric cars.
Immediately after the information about the plans of GSR Capital to invest in the tZero, the rate traded on the NASDAQ stock Overstock immediately jumped by 12.5%.
Note that the GSR participation in the capital of the company tZERO will not give the venture capital firm of the right to vote, but will have the right to receive dividends, the amount of which will be based on the growth dynamics of the token project. In addition, holders of tokens will be paid on a quarterly basis 10% of the income of the trading platform tZERO.
Recall that in may tZero has entered into a partnership with the operator of the Boston options exchange BOX Digital Markets LLC (Digital BOX) to create trading platforms for security-tokens.
A little earlier tZero presented a prototype of the upcoming launch of blockchain-based platform for trading.
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