The idea to presale coins of a cryptocurrency or token of a blockchain project has evolved in a crazy successful instrument to raise funds for the development of a new application. Projects held a successful ICO raise millions of dollars, make partnerships and gain popularity. That's why it's vital to keep track of both recent and upcoming token sales.
Following the ICO stream, the retail giant Overstock is going to launch its new regulated token exchange with its own ICO.
The brand new exchange is set to be the first marketplace specifically for trading tokens classed as securities in the U.S., and the ICO is to be the inaugural event for the project. The service is being launched under the umbrella of Overstock's capital markets arm, tØ. As detailed, a tØ-specific token is to be created and sold duting the token sale. Patrick Byrne, Overstock CEO, claims that it will be "distinct from other tokens on the exchange, being a so-called utility coin and not a security", as ibtimes.com reports.
Byrne also argues that building the new service was a natural process.
If there's one company that could legitimately issue a token it should be us.
Patrick Byrne
Overstock CEO
The platform is to launch the new token "before Thanksgiving". In total, the company expects to raise $200 million to $500 million via the ICO.
