The initial phase of the crowdsale of the online retailer Overstock related startup tZERO (t0) in a record time attracted a lot of investors. On the first day of the campaign, the size of the site financing reached $ 100 million, CEO Patrick Byrne told CoinDesk.
We had, yesterday, 2,000 accredited investors come and apply and get the process going. We woke up this morning, and people have reached for over $100 million. Which may mean we get to compress this.
During the presale of tZERO, investors are offered "Simple Agreements for Future Equity" (SAFE), which can then be exchanged for tokens.
In total, the campaign was planned to be divided into two stages, each of which will last for a month: preseil for strategic investors is limited to $ 100 million, and the remaining $ 150 will be opened for other accredited participants. Thus, the original two-month program can now be reduced.
tZERO is an alternative trading system that meets all the requirements of the Securities and Exchange Commission (SEC). The project is based on the Medici block, developed by Overstock from 2014.
In connection with the legal restrictions and SEC rules for open proposals, Patrick Berne added that he can not disclose which bonuses will be given to investors. He noted that the biggest "bonus coupons" accounted for the first $ 10 million of sales, then - up to $ 100 million. There are three levels of incentives.