Overstock to launch token exchange with its own ICO

Retail giant, Overstock, is about to launch its token exchange with its own ICO
11 October 2017   3066

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,. 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.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   954

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.