Overstock Blockchain Spin-Off Raises $134 Million – With Millions More Committed

This aggregated story was originally published on this site. Follow the link in the word Story at left to read the full article.

Overstock.com subsidiary tZero raised $134 million in its security token offering, the company said Thursday. The announcement – revealed as part of Overstock’s second-quarter results – was paired with a separate disclosure revealing that Hong Kong-based equity firm GSR Capital has agreed to invest as much as $400 million in both tZero and Overstock. TZero said earlier this week that it had completed its token sale, though the firm originally had set a goal of raising $250 million through the offering. During an earnings call, CEO Patrick Byrne reiterated a previous claim that tZero received $100 million in commitments when it first opened its token sale, saying “we did the very best we could … eventually we went to Asia. In Asia it was quite different. The first three people we met … all said ‘we’d take $60 million’ [but] it proved extremely difficult to get money out of Asia for many different reasons.”