Patrick Byrne, CEO of Overstock (NASDAQ: OSTK), has announced new details regarding tZERO’s proposed initial coin offering (ICO) in Las Vegas at Money 20/20. As we reported last month, his company created a joint venture with RenGen and the Argon Group to launch an Alternative Trading System (ATS) for the trading of ICO tokens in compliance with the US SEC and FINRA regulations.
Utilizing a Simple Agreement for Future Tokens (SAFT), the pre-sale is expected to open on Nov. 15, 2017 and run until Dec. 31, 2017. The proceeds from the sale are expected to fund, among other things, scaling tZERO’s technology development and regulatory teams in order to maintain its leading edge, and potentially acquiring or establishing a custody and clearing firm to complement tZERO’s existing infrastructure.
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“Three years ago I stood up in front of an audience for the opening Keynote speech at Bitcoin 2014, in Amsterdam, and told the world that the main event of Bitcoin is not Bitcoin, it is the Blockchain, and it would change the world,” said Byrne. “While many doubted, the tZERO team worked hard to be at the tip of the spear in creating and launching credible, capable and institutionally scalable blockchain technologies for crypto assets. Today those efforts are attracting interest from both the crypto community and the largest global institutional funds.”
The tZERO SAFT is being issued in a private placement offering solely to accredited investors pursuant to one or more exemptions from the registration requirements of the US Securities Act.
Byrne did not announce a cap or a target for the ICO so far. However, he recently told IBTimes: “From what I am hearing, we are going to raise a fortune – $200-$500m easily.”