tZERO ICO raised $100M in first sale day

TZERO is an alternative trading system (ATS) or dark pool that's registered with the Securities and Exchange Commission (SEC)
20 December 2017   1113

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.
 

Patrick Byrne

CEO

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.

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CBOE President to Warn ICO Community

Chris Concannon believes that «the reckoning will come in two waves»
20 June 2018   137

According to the president of the CBOE Chris Concannon, soon the market of ICO will face new regulatory constraints. This is reported by Business Insider.

Concannon is convinced that at first the Securities and Exchange Commission (SEC) will put ICO tokens under attack. The coins issued during the ICO will be recognized by the SEC as unregistered securities. In turn, this will devalue a significant part of the assets of crypto-investors.

The next stage of the "payoff," the CBOE president is sure, will begin along with a wave of collective suits against ICO projects. Concannon also noted that because of regulatory uncertainty in the market, it is unlikely that ICO-investors in the near future will sleep peacefully.

The actual party that offered the unregistered coin, they could have been involved in issuing an unregistered security. Anyone who sold that off could be deemed an unregistered underwriter.
 

Chris Concannon

President, CBOE

For the first 6 months of the current year ICO-projects attracted more than $ 9 billion. This is more than twice the total amount collected by the ICOs for the whole last year.