GSR Capital, a Hong Kong-based company, will invest $ 160 million in a subsidiary of the retail giant Overstock, a blockchain platform tZero. This is reported by Bitcoinist.
tZero is the first of its kind regulated exchange for security-tokens. According to representatives of Overstock, the innovative block-platform, which is being prepared for launch, is called to give "efficiency and transparency" to the capital markets.
Currently, the so-called Security Token Offering (STO) of tZero is being held. According to the letter of intentions, GSR Capital plans to purchase up to $ 160 million worth tZero platform tokens by August 6 during the round of private financing.
Currently, tZERO tokens are available to a limited number of accredited investors at a price of $ 10 per coin. According to data provided by representatives of Overstock, about 1000 buyers from 30 countries of the world took part in the token.
I want to thank our strategic investors again for their continued support, as well as the tZERO team for their ingenuity in making a preferred equity security token possible.
Founder and CEO, Overstock.com and Executive Chairman, tZERO
GSR Capital is a venture company focused on investing in high-tech companies in the early stages of development. GSR has offices in Beijing, Hong Kong and the US. In March, this company invested $ 500 million in National Electric Vehicle Sweden
Immediately after the appearance of information on the plans of GSR Capital to invest in tZero, the rate traded at NASDAQ of Overstock shares jumped immediately by 12.5%.
Note that the participation of GSR in the capital of tZERO company will not give the venture company the right to vote, but will grant the right to receive dividends, the size of which will be formed on the basis of the growth dynamics of the project's token. In addition, holders of tokens will be paid quarterly 10% of the income of the trading platform tZERO.